Oil prices rose by 1 percent on Thursday, pushed up by the prospect of tighter markets due to U.S. sanctions against major crude exporter Iran, which are set to be implemented in November. Front-month Brent crude futures were at $82.23 per barrel at 0650 GMT, up 89 cents, or 1.1 percent from their last close, […]
Category: Oil & Gas
Oil & Gas
OPEC’s Barkindo calls for cooperation between OPEC and non-OPEC countries
Secretary-General Mohammad Barkindo called for cooperation between OPEC and non-OPEC countries on Tuesday, warning that failure to do so could lead to one crisis after another. “It is important that OPEC and non-OPEC countries cooperate so that we do not fall from one crisis to another,” Barkindo said at an event organised by Spanish oil […]
Why Narendra Modi may have to blink on oil prices
India sees no respite from skyrocketing petrol and diesel prices. Petrol price in Mumbai breached Rs 90 per litre mark yesterday. It is close to Rs 83 in Delhi. Yet the Narendra Modi government has not given any indication of a tax cut. Though Karnataka, Andhra Pradesh, Rajasthan and West Bengal have slashed taxes on […]
Oil could rise to $100 by 2019 as global markets tighten, merchants warn
Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore. Almost 2 million barrels per day (bpd) of crude could be taken out of the […]
Refiners may reduce oil imports as crude prices soar, Re struggles
India, the world’s third-biggest oil importer, is considering reducing oil purchases to mitigate the pain of high crude prices and the declining rupee, said two sources at different Indian refineries with direct knowledge of the matter. The decision to cut imports illustrates that rising crude prices and emerging market currency weakness may start causing oil […]
Saudi says door open to future oil output hike
Supply to the global oil market remains “satisfactory”, Saudi Arabia’s energy minister Khalid al-Falih said Sunday, after calls by US President Donald Trump for an immediate hike in output to reduce prices. But Falih — attending a meeting of oil producers in Algiers — left the way open to a future production hike, as supplies […]
Indian refiner cancels Iran oil imports
India’s Chennai Petroleum will stop processing Iranian crude oil from October to keep its insurance coverage once new sanctions by the United States against Iran go into effect, three sources familiar with the issue said. Iran’s Naftiran Intertrade Co Ltd, a trading arm for state-owned National Iranian Oil Co, owns a 15.4 percent stake in […]
EPCA directs IGL to increase dispensing capacity
Taking note of long queues at gas stations leading to traffic woes, the Environment Pollution Control Authority (EPCA) has directed the Indraprastha Gas Limited to increase dispensing capacity of CNG. Sunita Narain, member of EPCA, confirmed that a direction has been given to IGL to increase dispensing capacity. At present, there are 450 CNG-filling stations […]
$15.3 billion revenue expected from auction of 59 oil, gas fields: Govt
Revenue of about $15.3 billion is expected to be generated in 20 years from 25 contract areas covering 59 oil and gas fields that have been discovered, an official said here on Wednesday. The Centre launched the bid round II under Discovered Small Fields (DSF) policy last month. Under this bid round, there are 25 […]
OVL to exit Kazakhstan’s Satpayev oil block
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), plans to exit Kazakhstan’s Satpayev block after it could not find commercially exploitable oil, an official said Tuesday. OVL had in April 2011 bought 25 per cent of Satpayev oil block. It paid USD 13 million as a signing amount […]
Creditors of Nagarjuna Oil told to explain liquidation value
The bankruptcy court has asked creditors of Nagarjuna Oil Corporation to explain the basis of liquidation value of the Chennai-based company’s assets and why it rejected some resolution plans. The committee of creditors (CoC) has to submit its explanation before the Chennai bench of National Company Law Tribunal (NCLT) on Tuesday. Petitioners in the case, […]
Adani bags 13 of 84 city gas licences; IOC, BPCL, Torrent other big winners
Oil regulator PNGRB Monday declared the final list of winners of city gas retailing licences that had billionaire Gautam Adani’s group, state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Torrent Gas as the big winner. Adani Gas won rights to retail CNG to automobiles and piped cooking gas to households and industries […]