SINGAPORE: Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the US cracks down on Russian oil exports. Brent crude futures rose 33 cents, or 0.4%, to $82.85 a barrel by 0113 GMT US WTI crude futures were also up […]
Category: Oil & Gas
Oil gains more than 1% as OPEC report dampens demand concerns
BENGALURU: Oil prices rose by more than 1% on Monday after OPEC’s monthly market report eased market concerns about waning demand in the United States and China. Brent crude futures were up $1.25, or 1.5%, at $82.68 a barrel by 1158 am ET (1658 GMT), while USWest Texas Intermediate (WTI) crude futures were up $1.24, […]
Oil price rise would hit 2024 global growth, inflation outlook: Fitch
NEW DELHI: Higher-than-expected oil prices in a scenario where the ongoing Middle East conflict disrupts oil supply would cause lower economic growth and higher inflation, according to Fitch Ratings. According to the rating agency, world GDP growth would be 0.4 percentage points lower in 2024, but only 0.1 percentage points lower in 2025, although the […]
ONGC to pump crude from $5 billion project off Andhra coast
NEW DELHI: State-run ONGC will start pumping crude from its $5-billion project off the Andhra coast in the next fortnight, bringing on stream the delayed project that is pivotal for reversing the company’s declining fortunes as a result of maturing fields. Output from the KG-DWN 98/2, the second deep-sea project in the east coast after […]
ONGC to start pumping oil from $5 billion KG block next fortnight
NEW DELHI: State-run ONGC will start pumping crude from its $5-billion project off the Andhra coast in the next fortnight, bringing on stream the delayed project that is pivotal for reversing the company’s declining fortunes as a result of maturing fields. Output from the KG-DWN 98/2, the second deep sea project in the east coast […]
ONGC net slips 20% to Rs 10,216 crore in Q2 on crude price fall
NEW DELHI: Flagship explorer ONGC recorded a 20% decline in its second quarter net profit at Rs 10,216 crore compared to Rs 12,826 crore a year ago as a drop in global oil prices coincided with marginally lower production during the July-September period. Company director (finance) Pomila Jaspal said lower crude prices reduced earning from […]
ONGC net profit slips 20% to Rs 10.2k crore after crude price fall
NEW DELHI: Flagship explorer ONGC recorded a 20% decline in its second quarter net profit at Rs 10,216 crore compared to Rs 12,826 crore a year ago as a drop in global oil prices coincided with marginally lower production during the July-September period. Company director (finance) Pomila Jaspal said lower crude prices reduced earning from […]
ONGC Q2 net profit drops 20% on lower oil prices, output
NEW DELHI: State-owned Oil and Natural Gas Corporation (ONGC) reported a 20 per cent drop in September quarter next profit on decline in oil prices and lower output. The company reported a net profit of Rs 10,216 crore in July-September (second quarter of current 2023-24 fiscal year), compared to Rs 12,826 crore earning in the […]
Odd-even scheme: Private CNG cars registered in Delhi not to be exempted during rationing
NEW DELHI: CNG four wheelers registered in the capital will not be exempted if the odd-even road use arrangement is implemented for a week from November 13 to 20. Sources in Delhi government said that the draft plan does not exempt CNG vehicles from running solely on days that coincide with their number plate, unlike […]
Amid high oil prices, India puts onus of global growth on OPEC
NEW DELHI: India on Thursday put the onus of long-term prosperity of the world oil market on OPEC and called upon the grouping of exporting countries to maintain market stability for the benefit of consumers, producers and global economy. At the 6th meeting of the Indian-OPEC Energy Dialogue in Vienna, oil minister Hardeep Singh Puri […]
Former GAIL chief Manoj Jain to head Torrent Gas
NEW DELHI: Former GAIL chairman Manoj Jain, who superannuated from the state-run utility in August last year, is joining Torrent Gas as MD from January 1, the company said on Thursday. A mechanical engineer with an MBA in operations management, Jain had risen through the ranks to head GAIL after joining GAIL as a graduate […]
Vedanta Group, Taiwan’s Innolux in discussion to team up for display fab
NEW DELHI: Vedanta Group is in discussions with Taiwan-based TFT LCD maker Innolux Corporation for a display fabrication plant in India, according to an official of the Indian conglomerate firm. The officials from both the companies met minister of state for electronics and IT Rajeev Chandrasekhar. “Mr YJ Chen, CEO, Vedanta Displays Ltd; Mr Sunil […]