BUENOS AIRES: Argentina’s fuel crisis deepened on Monday as filling stations around Buenos Aires ran out of petrol and long queues formed elsewhere, while the government said it could halt exports to preserve supplies and oil sector workers threatened a strike. The South American country, a major shale oil and gas producer, has suffered shortages […]
Category: Oil & Gas
Oil prices could reach ‘uncharted waters’ if the Israel-Hamas war escalates, the World Bank says
WASHINGTON: The World Bank reported Monday that oil prices could be pushed into “uncharted waters” if the violence between Israel and Hamas intensifies, which could result in increased food prices worldwide. The World Bank’s Commodity Markets Outlook found that while the effects on oil prices should be limited if the conflict doesn’t widen, the outlook […]
Ban BS-III, IV diesel buses in Haryana, UP and Rajasthan to curb pollution in Delhi-NCR: Gopal Rai
NEW DELHI: Delhi environment minister Gopal Rai on Sunday visited ISBT Kashmere Gate and blamed vehicles, particularly because of vehicles from neighbouring states, for the rising pollution in north Delhi. Standing next to an Uttar Pradesh Roadways bus, Rai alleged that such BS-III diesel buses were to blame for the pollution in Delhi-NCR. Four days […]
Reliance profit surges 30% to nearly ₹20k cr in Sept qtr
Mumbai: Reliance Industries reported a 30% rise in its consolidated net profit of Rs 19,878 crore in the September quarter as compared to Rs 15,332 crore in the year-ago quarter. The energy-to-retail major’s results got a boost from a sharp uptick in oil & gas revenues and strong growth in retail and digital services. RIL’s […]
Oil prices rise 1% on fears of escalating Middle East conflict
LONDON: Oil prices rose around 1% a barrel on Friday as investors priced in fears of an escalation of conflict in the Middle East which could disrupt oil supplies, after reports that the US military had struck Iranian targets in Syria. Brent crude futures for December rose 93 cents or roughly 1.1%, to $88.86 a […]
Indian Oil becomes fourth refiner globally to make ‘reference’ fuels
NEW DELHI: State-run Indian Oil (IOC) has joined the exclusive club of three global majors that produce ‘reference’ grade petrol and diesel – highly critical input for testing and calibrating automobile engines.
OVL eyes $413 million dividend recovery in Venezuela
NEW DELHI: Easing of US sanctions on Venezuela has raised hopes of state-run ONGC Videsh (OVL) recovering some $413 million dividend from the San Cristobal oilfield in the South American country, people in the know said on Thursday. OVL holds 40% stake in the field in eastern Venezuela’s Orinoco heavy oil belt. It is operated […]
Brazilian oil industry gets support from new congressional caucus
BRASILIA: Brazilian lawmakers have set up a congressional caucus to represent Brazil’s oil and gas industry, led by state-run producer Petrobras, and to back the company’s plans to explore offshore fields near the mouth of the Amazon River. “Petrobras has to do that. We have to explore for oil off-shore from Para to Amapa states, […]
India can reduce fossil fuel dependence, cut import bills by $29 billion through biogas adoption: Report
NEW DELHI: Replacing natural gas consumption with biogas and biomethane incrementally to 20 per cent by 2030 can help India cut liquefied natural gas import bills by $29 billion between financial years 2025 and 2030, according to a new report. The report from the Institute for Energy Economics and Financial Analysis (IEEFA), underscores the environmental […]
Oil dips after US stockpiles climb, Middle East tensions in focus
SINGAPORE: Oil prices fell on Thursday after a rise in US crude stockpiles and a climb in the dollar index, giving up some ground gained a day earlier when prices jumped on Middle East tensions. Brent crude futures declined by 28 cents or 0.3% to $89.95 a barrel at 0340 GMT, while US West Texas […]
Europe gas-prices lack clear direction as geopolitical risk adds volatility
Dutch and British wholesale gas were mixed on Tuesday morning, as geopolitical tensions continue to provide a floor for prices amid mild weather forecasts and healthy supply. The Dutch November gas contract traded 1.65 euros higher at 52.50 euros per megawatt hour (MWh) by 0903 GMT, after trading as low as 49.65 euros/MWh earlier, according […]
India against yuan bill for Russian oil
India is rejecting pressure from Russian oil suppliers to pay for crude imports in the Chinese currency as tensions between New Delhi and Beijing continue to simmer. Russia has accumulated billions of dollars worth of rupee assets given its wide trade surplus with India, but it’s struggling to use the funds. At the same time, […]