Category: Oil & Gas

Group of Seven (G7) nations committed on Sunday to ban or phase out imports of Russian oil and the US unveiled sanctions against Gazprombank executives and other businesses to punish Moscow for its war against Ukraine. The move represents the latest attempt by the West to put pressure on Russian President Vladimir Putin for his […]

One after the next, the entreaties have streamed into India. Buying Russian oil, President Joe Biden told Prime Minister Narendra Modi, is not in your country’s interest. Undermining sanctions, a US official starkly warned, could bring “consequences”. Taking a harder line on Russia, a parade of American and European emissaries argued, is a global imperative. […]

Hungary is emerging as the key spoiler in the final-stretch of EU talks to formalise an embargo on Russian oil, with its Kremlin-aligned leader Viktor Orban on Friday calling the proposed sanctions an “atomic bomb” on his country’s economy. Orban has been increasingly at odds with the bloc. And he disparaged the new EU sanctions […]

The net profit of Reliance Industries missed analyst estimates for the fourth quarter but the company crossed a major milestone — becoming the first from India to achieve $100 billion in annual revenues. RIL posted a 22.50 per cent rise in consolidated net profit for the quarter ended March 31, 2022 to Rs 16,203 crore […]

The bills are mounting for Maureen Hart, a former librarian living on a fixed income after hip and back pain from a fall forced her into an early retirement. The gas and electric bill for her bungalow in Clacton-on-Sea, a seaside town east of London, more than tripled in April, as utility bills did throughout […]

EU countries are likely to approve as early as next week a phased embargo on Russian oil, officials say, sealing a long-postponed measure that has divided the bloc’s members and highlighted their dependence on Russian energy sources. It has taken weeks for EU countries to agree on the contours of the measure, and intensive talks […]

The EU’s chief executive on Wednesday branded as “blackmail” Gazprom’s move to halt supplies to some European customers, but said the bloc was working on a coordinated response to Moscow’s escalation. Gazprom said it had cut supplies to Poland and Bulgaria for failing to pay for gas in roubles, Moscow’s toughest response yet to sanctions […]

After Russia cut off supplies of natural gas to Bulgaria and Poland on Wednesday, a top German official said the flow of Russian gas to Germany remained steady, while adding that the country could live off existing reserves until at least the winter. “In order to get through the winter without Russian gas, further work […]

State-owned Oil and Natural Gas Corporation (ONGC) on Wednesday said it has signed a pact with Norwegian energy giant Equinor ASA for collaboration in oil and gas exploration and production as well as clean energy projects. The memorandum of understanding (MoU) was inked on April 26, the company said in a statement. The agreement is […]

Bond prices rallied the most in over 18 months following a drop in crude oil prices and US treasury yields amid apprehensions that the global economic growth would moderate because of rising Covid-19 cases in China and interest rate hikes in the US. Yields — which are inversely related to prices — on the benchmark […]

Greenpeace and Extinction Rebellion campaigners blocked a tanker from delivering Russian oil to Norway on Monday, chaining one of their boats to the giant vessel in a protest against the war in Ukraine, Greenpeace said. The Ust Luga product tanker is anchored outside Exxon Mobil’s Slagen oil terminal about 70km south of the capital Oslo, […]

Reliance Industries, operator of the world’s biggest oil refining complex, has ordered at least 15 million barrels of Russian oil since Russia invaded Ukraine in February, trade sources said. Reliance has bought an average 5 million barrels a month for the June quarter, the sources said. Reliance did not immediately respond to a Reuters’ email […]