Category: Oil & Gas

Oil prices dipped on Thursday as emerging market turbulence weighed on sentiment, while a deadline neared for a potential new round of U.S. tariffs on another $200 billion of Chinese goods. U.S. sanctions against Iran, however, prevented prices from falling further as they are expected to tighten the market after being implemented from November, traders […]

State-owned Oil and Natural Gas Corp (ONGC) has made oil and gas discoveries in Madhya Pradesh and West Bengal that may potentially open up two new sedimentary basins in the country, the firm’s director for exploration has said. ONGC had previously opened six out of India’s seven producing basins for commercial production. It is in […]

India’s efforts to sell a $1.6 billion stake in Oil & Natural Gas Corp has run into concerns that government policies on fuel pricing would weigh on the state-run explorer’s share price, according to people with knowledge of the situation. Investors and fund managers that met with Indian government officials during a U.S. roadshow last […]

The United States and India are engaged in “very detailed conversations” over Washington’s request to completely stop India’s oil imports from Iran, a senior U.S. State Department official said on Thursday. U.S. President Donald Trump this year ordered the reimposition of economic curbs on Iran after withdrawing his country from a 2015 nuclear deal between […]

Niti Aayog Vice Chairman Rajiv Kumar said Wednesday the government need not respond to daily or weekly changes in the oil prices as they declined in July after showing northward movement a month ago. Crude oil has gained USD 7 a barrel in a fortnight, driven by fears that the US sanctions on Iran will […]

Oil prices rose sharply on Tuesday after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane. U.S. light crude rose $1.31 a barrel from Friday’s close to a peak of $71.11, its highest since mid-July, before easing to around $71.00, up $1.20, by 0900 GMT. U.S. markets were closed on […]

Indian Railways is looking to adopt environment-friendly measures as much as possible! Now, in a bid to use natural gas in workshops, production units and depots, Piyush Goyal-led Indian Railways recently signed a memorandum of understanding (MoU) with state gas utility GAIL. The aim of Indian Railways is to replace industrial gases such as dissolved […]

Oil prices slipped on Friday as concerns over the impact of a global trade war depressed sentiment, although impending U.S. sanctions on Iran and falling Venezuelan output limited losses. Benchmark Brent crude oil was down 40 cents a barrel at $77.37 by 0840 GMT. U.S. light crude was 30 cents lower at $69.95. U.S. President […]

The government may from October raise price of domestic natural gas by over 14 per cent, a move that will translate into higher CNG price and increased cost of electricity and urea production. Price paid to most of the domestic producers of natural gas is likely to be hiked to USD 3.5 per million British […]

Oil prices rose on Thursday, extending gains on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories. Benchmark Brent crude oil was up 20 cents a barrel at $77.34 by 0920 GMT. U.S. light crude was 10 cents higher at $69.61. Brent has risen by […]

Emboldened by a new peace deal, civil war-torn South Sudan says it will resume oil production in a key region next month to make up for more than USD 4 billion of revenue lost during years of fighting. South Sudan, with Africa’s third-largest oil reserves, will renew drilling in northern Unity State for the first […]

The government today imposed restrictions on export of bio-fuels within days of putting similar conditions for its imports. A licence is required for both exports and imports of bio-fuels. Bio-fuels include ethyl alcohol, petroleum oil and oils obtained from bituminous minerals, bio-diesel and mixtures. Earlier exports of these items were allowed without any restrictions. “Export […]