Category: Oil & Gas

The government’s decision last week to reduce fuel prices through a mix of state and centre tax cuts and price cuts taken by oil marketing companies (OMCs) may have far-flung impact on the domestic oil industry, according to a Moody’s report. The immediate impact, according to the rating agency’s note would be a credit negative […]

Crude futures steadied on Friday after climbing to four-year highs earlier this week, and both Brent and U.S. crude marked weekly gains ahead of U.S. sanctions on Iranian oil exports. U.S. West Texas Intermediate (WTI) crude futures rose 1 cent to settle at $74.34 a barrel. Global benchmark Brent crude futures for December delivery fell […]

Russian oil firm Rosneft, the biggest foreign investor in India’s energy sector, Friday criticised taxation policy in the country saying it was a major hurdle in its expansion plans. Rosneft and its partners had in August last year completed a USD 12.9-billion acquisition of Essar Oil to enter the world’s fastest-growing energy market, but have […]

Oil prices rose on Friday as traders anticipated a tighter market due to U.S. sanctions against Iran’s crude exports, which are set to start next month. International benchmark Brent crude oil futures were at $85.05 per barrel at 0653 GMT, up 47 cents, or 0.6 percent from their last close. U.S. West Texas Intermediate (WTI) […]

Petrochemicals are set to account for more than a third of the growth in world oil demand to 2030, and almost half the growth to 2050, adding nearly seven million barrels of oil a day by then, the International Energy Agency (IEA) said on Friday. This means oil demand growth is shifting to petrochemicals, away […]

The government on Thursday announced an excise duty cut of Rs 1.50 a litre for petrol and diesel. Additionally, oil companies are to be asked to absorb another Re 1 per litre. Together, these price reductions would add up to Rs 2.50 a litre — a significant relief at a time when rising fuel prices […]

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, four sources familiar with the plan said. Perry told of plans before Algiers talks By Olesya Astakhova and Rania El Gamal. US President Donald […]

Ruia family-owned Essar Group has started supply of gas produced from coal seams to state-owned GAIL India. In a tweet, the group said Essar Oil and Gas Exploration and Production Ltd (EOGEPL) “commenced supply of CBM gas from its Raniganj East block (in West Bengal) to GAIL.” EOGEPL had in August signed a 15-year contract […]

Brent crude oil hovered close to its highest since November 2014 on Monday, supported by supply concerns before U.S. sanctions against Iran come into force next month. Benchmark Brent was up 16 cents at $82.89 a barrel by 0852 GMT, after touching $83.32, the highest level in almost four years. U.S. light crude was up […]

Rising motor oil prices have thrown up a unique problem not foreseen by those who designed the dispensing units (DUs) for petrol pumps. If motor oil prices cross the Rs 100 mark, DUs at petrol pumps will run out of digits. The fuel dispensing units at petrol bunks have been calibrated for digital display of […]

Oil Minister Dharmendra Pradhan Monday said as many as 5,000 plants for extracting biogas from agricultural residue, cattle dung and municipal solid waste are envisaged to be set up in the country in next five years at a massive Rs 1.75 lakh crore investment. Pradhan announced that state-owned fuel marketing companies will purchase all the […]

Iran’s Foreign Affairs Minister Mohammad Javad Zarif said that India is committed to continuing economic cooperation and the import of oil from Iran, video news agency ANI, a Reuters affiliate, reported on Thursday. Zarif made the comments after a meeting with his Indian counterpart Sushma Swaraj in New York on the sidelines of United Nation […]