Category: Oil & Gas

NEW DELHI: Petrol and diesel prices are likely to be hiked this week as oil companies prepare to pare losses accumulated from keeping rates steady for over four months in the run-up to assembly elections in five states, including UP, despite international oil prices jumping to a 13-year high of USD 140 per barrel. West […]

WASHINGTON: US House of Representatives Speaker Nancy Pelosi says the House is exploring legislation to further isolate Russia from the global economy, including banning the import of its oil and energy products into the U.S. Amid rising gasoline prices in the U.S., the Biden administration has yet to call for an oil import ban on […]

NEW DELHI: There is a need to control energy prices across the globe as rising crude oil rates, amid the Ukraine-Russia conflict, are making raw materials costlier for the steel industry, according to a top industry executive. On the ongoing conflict between the two countries, Jindal Steel and Power Ltd (JSPL) Managing Director V R […]

The price of oil jumped more than $10 a barrel Monday as the conflict in Ukraine deepened amid mounting calls for harsher sanctions against Russia. Brent crude oil briefly surged over $10 to nearly $130 a barrel early Monday. Benchmark U.S. crude was up nearly $9 at more than $124 a barrel.

CHANDIGARH: As crude oil prices soar to record highs, panic buying of diesel has started in Punjab with a 70 per cent rise in sales as compared to the same period last year. People fear that the prices of fuel will be hiked once the poll results of five states, including Punjab, are out on […]

NEW DELHI: Petrol and diesel prices, which have been on a freeze for the past four months in view of assembly elections in states like Uttar Pradesh, need to be increased by over Rs 12 per litre by March 16 for fuel retailers to break even. International crude oil prices shot above USD 120 a […]

LONDON: Car factories idled, beer stopped flowing, cargo ships dropped port calls, and energy companies cut their pipelines. Russia’s invasion of Ukraine has thrown business plans into disarray and forced a growing number of the world’s best known brands, from Apple to Mercedes-Benz and BP, to pull out of a country that’s become a global […]

FRANKFURT: All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves, half of that from the United States, “to send a strong message to oil markets” that there will be “no shortfall in supplies” after Russia invaded Ukraine, the group said Tuesday. The […]

BEIJING: Oil prices surged another $5 per barrel on Wednesday after an agreement by the United States and other major governments to release supplies from strategic stockpiles failed to calm market anxiety over Russia’s attack on Ukraine. Benchmark US crude rose $5.24 per barrel to $108.60 in electronic trading on the New York Mercantile Exchange.

WASHINGTON: US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine. In his maiden State of the Union Address on Tuesday, Biden said his administration […]

NEW YORK: Oil prices kept surging Wednesday and topped $110 per barrel as Russia’s war continues against Ukraine, but stocks and other markets were showing less fear than a day earlier. The S&P 500 was 0.9% higher in early trading, while Treasury yields jumped to recover a sliver of their steep losses from the past […]

COLOMBO: Sri Lanka’s already dire economic crisis has deepened as oil prices hover near USD 110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving students of study time for exams and shopping mall air conditioners are being switched off to conserve energy. The South Asian island nation already was so short […]