Category: Oil & Gas

Saudi Arabia will take appropriate steps to respond to an attack on its oil facilities if, as expected, a Saudi investigation confirms that Iran is responsible, a senior official said on Saturday. Minister of state for foreign affairs Adel al-Jubeir said the probe will prove that the September 14 strikes came from the north and […]

The fine print of Petronet’s agreement with Tellurian will explain why the Indian PSU chose to overcome its strong reservations over the terms of the deal that it eventually signed with the US company. Petronet on Saturday signed an MoU with Houston-based Tellurian under which the Indian company will invest $2.5 billion for a 20 […]

The BSE Sensex on Tuesday plummeted 642 points as investors weighed India’s fiscal worries because of soaring crude prices in the wake of growing geopolitical tensions in the Middle East. After nosediving 704 points, the 30-share index ended 642.22 points, or 1.73 per cent, lower at 36,481.09. The broader NSE Nifty too settled 185.90 points, […]

Stocks continued to remain on slippery ground with investor wealth plummeting Rs 2.72 lakh crore, the Nifty wiping out all gains of the calendar year and the Sensex crashing over 642 points. Geo-political tensions in West Asia kept investors on the edge amid apprehensions over the impact of the rising crude prices on the domestic […]

Saudi Aramco has promised to supply the fully allocated volumes of crude oil to three Indian refiners in October despite the drone attacks on its oil processing facilities but has asked at least one refiner — Indian Oil Corporation (IOC) — to accept a partial grade switch. The IOC is the only state-owned refiner that […]

India plans to increase crude imports from Russia to partially make up for the shortfall caused by the drone attack on the oil facilities of Saudi Arabia. “We discussed elaborately to raise imports from Russia,” oil minister Dharmendra Pradhan told reporters on Tuesday after meeting Igor Sechin, chief executive of Russian oil major Rosneft. India […]

The Narendra Modi government scrambled to soothe fears about another massive blow to an already faltering Indian economy after drone attacks on Saudi oil processing facilities knocked out 5 per cent of world crude production, sending global crude prices rocketing on Monday to their highest levels since 1991. Quoting sources, Reuters said it might be […]

Indian investors ran for cover on Monday following the drone attacks on the oil facilities of Saudi Arabia as they grappled with the possible impact of the strikes on an economy which grew just 5 per cent in the April-June quarter, the lowest in six years. Soaring crude prices caused the rupee to crash 68 […]

Iran dismissed accusations by the US that it was behind attacks on Saudi oil plants that disrupted world oil production and warned on Sunday that US bases and aircraft carriers in the region were in range of its missiles. Yemen’s Iran-aligned Houthi group claimed responsibility for Saturday’s attacks that knocked out more than half of […]

Reliance Industries and the UK’s BP plc have taken over the 10 per cent shareholding of their partner Niko Resources in the eastern offshore KG-D6 block after the Canadian firm defaulted on paying for its share of gasfield development cost. Sources said the oil minister has given “unconditional” nod to Reliance and BP for taking […]

n Iranian oil tanker held for six weeks after being impounded left Gibraltar on Sunday, after the authorities in the British territory rejected a request from American officials to turn the vessel over to them, the latest development in an episode that has contributed to raised tensions between Iran and the West. A marine traffic […]

Iranian Revolutionary Guards seized an Iraqi oil tanker in the Persian Gulf which they said was smuggling fuel and detained seven crewmen, Iran’s state media reported on Sunday, in a show of power amid heightened tension with the West. The vessel was intercepted near Iran’s Farsi Island in the Gulf, Iran’s semi-official Fars news agency […]