Category: Oil & Gas

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump’s mediation efforts to end a standoff with Mexico. The final G20 communique appeared to gloss over simmering divisions over energy policy, making no mention of output cuts and pledging simply to […]

Major oil producers except Mexico agreed to cut output in May and June by 10 million barrels per day, OPEC said Friday, after marathon talks to counter a collapse in prices. The agreement, which reduces production to eight million bpd from July to December, depends on Mexico’s support for it to take effect, the oil […]

The world’s top oil-producing countries will meet via videoconference at 1600 GMT on Sunday, a source close to OPEC said, as they try to address plummeting oil prices due to the coronavirus crisis. The source spoke on the condition of anonymity, but the meeting was confirmed by Azerbaijan. The meeting will take place in the […]

Pradhan Mantri Ujjwala Yojana (PMUY) beneficiaries using five kg cooking gas cylinders will be entitled to eight free refills in three months due to the nationwide lockdown to combat the spread of coronavirus outbreak. According to the Ministry of Petroleum and Natural Gas on Sunday said PMUY beneficiaries have received 85 lakh cooking gas cylinders […]

Top oil producers are on Thursday to discuss a possible cut in output after a collapse in demand due to the coronavirus and a Saudi-Russian price war caused the market to crash. The teleconference scheduled for 1400 GMT between OPEC, its OPEC+ allies including Russia and other key non-members is seen as the best chance […]

India’s fuel consumption in March shrank by 18 per cent, the biggest decline in more than a decade, as a nationwide lockdown halted economic activity and travel. India’s petroleum product consumption fell 17.79 per cent to 16.08 million tonnes in March as diesel, petrol and aviation turbine fuel (ATF) demand fell, according to official data […]

India’s petrol sales shrank by 17.6 per cent and diesel demand tanked nearly 26 per cent in March as the economy froze under the nationwide lockdown announced to check the spread of COVID-19. Also, aviation turbine fuel (ATF) sales fell by 31.6 per cent as flights got suspended alongside the shutting of businesses and most […]

The net worth of India’s richest man Mukesh Ambani dropped 28 per cent or USD 300 million a day for two months to USD 48 billion as on March 31 due to the massive correction in stock markets, a report said on Monday. The chairman and managing director of the diversified Reliance Industries saw his […]

Russia is ready to cooperate with Saudi Arabia and the United States to cut oil production, President Vladimir Putin said Friday. Putin said Russia was willing to make agreements within the framework of the OPEC+ group and that “we are ready for cooperation with the United States of America on this issue,” according to a […]

OPEC and its allies are due to discuss oil production cuts next week following US President Donald Trump’s claim that leading producers Russia and Saudi Arabia will slash output to boost tumbling prices. The meeting was originally expected to be held via video conference on Monday, but now looks likely to be pushed back to […]

Oil futures rocketed over 30 percent Thursday after US President Donald Trump tweeted that he expected Russia and Saudi Arabia to end a price war by slashing crude output. Brent North Sea crude soared as high as $36.29 per barrel before pairing gains to stand up almost 25 percent at $30.82. WTI surged to $27.39 […]

Leading world crude exporter Saudi Arabia on Thursday made a surprise call for a meeting of the OPEC+ oil producers to “stabilise the oil market” amid a price war. “The kingdom calls for an urgent meeting of OPEC+ and a group of other countries with the aim to try and reach a fair deal to […]