India’s Hindustan Petroleum Corp (HPCL) cancelled the purchase of an Iranian oil cargo earlier this month after its insurance company refused to provide coverage for the crude because of U.S. sanctions, three sources with knowledge of the matter said. HPCL, India’s third-biggest state-owned refiner, renewed its installation insurance, which protects against any accidents at its […]
Category: Oil & Gas
Oil & Gas
Brent oil price up as some Saudi Red Sea shipments suspended
Brent crude prices rose on Thursday after Saudi Arabia suspended its oil shipments through a key Red Sea strait in response to an attack on two of its tankers and as data showed U.S. inventories fell to a 3-1/2 year low. Brent crude futures had risen 55 cents to $74.48 a barrel by 0832 GMT, […]
India and Vietnam can boost cooperation in oil and gas sector: V K Singh
There is scope for India and Vietnam to deepen cooperation in the oil and gas sector despite “all the troubles” the Southeast Asian country faces, Minister of State for External Affairs V K Singh said today, in an oblique reference to Vietnam’s disputes with China. There was also great potential to enhance cooperation in the […]
Oil steady as US-Iran row balances trade worries
Oil prices steadied on Tuesday as rising tension between the United States and Iran highlighted risks to supply while escalating trade disputes raised the prospect of slower economic growth and perhaps weaker energy demand. Brent crude oil was unchanged at $73.06 a barrel by 0840 GMT. U.S. light crude was up 15 cents at $68.04. […]
Government considering using LNG as transportation fuel: Dharmendra Pradhan
The Government is actively considering using Liquefied Natural Gas (LNG) as a transportation fuel, Union Minister Dharmendra Pradhan said today. LNG is being imported under open general license on terms and conditions mutually agreed upon between buyers and sellers and it is being traded in the country on market-based mechanism. During Question Hour, Pradhan told […]
Oil steady after G20 warns of risks to growth
Oil prices stabilised on Monday as worries over production losses were outweighed by concerns that trade disputes would reduce economic growth and hit global energy demand. Benchmark Brent crude oil was up 15 cents at $73.22 a barrel by 0750 GMT. U.S. light crude was unchanged at $68.26. Finance ministers and central bank governors from […]
U.S. oil industry lobbies against tighter sanctions on Russia
The U.S. oil and gas industry is lobbying against tighter sanctions on Russia that could impact U.S. investments there, congressional sources said on Friday. The U.S. Senate has revived a bill, called DETER, that would allow for swift sanctions if Moscow was found meddling in future U.S. elections. Both Democrats and Republicans are looking to […]
Security concerns over TAPI gas project need to be addressed: Akbaruddin
India has said the ambitious TAPI gas pipeline brings with it both reward and risk and the genuine regional security concerns associated with the USD 10 billion trans-national project should be heeded and addressed sincerely. The Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project seeks to build connectivity in the South and Central Asian regions through gas pipelines and […]
Indian Oil, BPCL, Adani top bidders for city gas licences
State-owned fuel retailers IOC and BPCL as well as billionaire Gautam Adani’s group were the top bidders for gas retailing licences in the country’s biggest city gas distribution (CGD) bid round. Of the 86 cities offered for retailing of CNG to automobiles and piped cooking gas to households in the 9th CGD bid round, IOC […]
IOCL asks CBI to investigate gangster’s link with petrol pumps
The Indian Oil Corporation Limited (IOCL) has sought a probe by the Central Bureau of Investigation (CBI) into alleged irregularities in allotment of two retail outlets in Odisha to the family of a gangster, who is now behind bars. The IOCL had been asked to send a report on the issue after the matter regarding […]
Oil prices fall on record U.S. output, stock build
Oil prices fell on Thursday after official data showed an unexpected rise in U.S. crude stockpiles, U.S. output hit a record high and major oil exporters increased production. International crude oil benchmark Brent was down 85 cents at $72.05 a barrel by 0945 GMT. U.S. light crude was 75 cents lower at $68.01. Brent has […]
Delhi HC asks Centre to treat PIL on daily fuel pricing as representation
The Delhi High Court today asked the Centre to treat as a representation a plea which claims petrol and diesel are essential commodities and seeks directions to the government to fix a “fair price” for their sale. A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said the petitioner had not […]