Crude oil prices gain on signs of output cuts, improved demand

LONDON: Oil prices rose slightly on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic. Benchmark Brent crude climbed 7 cents, or 0.2 per cent, to $34.88 a barrel by 0907 GMT, after earlier touching…

U.S. crude strengthens as certain stimulus measures to continue

NEW YORK – U.S. crude ended slightly higher on Tuesday, as U.S. Treasury Secretary Steven Mnuchin said he supported extending certain measures intended to bolster the economy, while Brent ended lower on concerns that output cuts might not be sufficient. Oil has rallied for several days following numerous output cuts from major producers to curb…

Global gas demand to shrink by 2 per cent this year amid pandemic: Research

LONDON: Global demand for natural gas is expected to fall by almost 2 per cent this year as commercial and industrial activity is reduced amid coronavirus lockdowns, consultancy Rystad Energy said on Monday. Global gas demand could total 3,878 billion cubic metres (bcm) in 2020, down from 3,951 bcm last year, the consultancy forecast. Before…

Saudi Arabia crude exports rise to 7.391 million barrels per day in March: JODI

JODIDUBAI: Saudi Arabia’s crude oil exports in March rose by 113,000 barrels per day (bpd)to 7.391 million barrels per day from 7.278 million bpd in February, official data showed on Monday. Saudi Arabia built up its crude stocks in March by more than 3.5 million barrels to 2,964 million barrels from minus 0.683 million barrels…

Successful OPEC+ output deal fits a pattern: Kemp

LONDON, Saudi Arabia and its allies in the expanded OPEC+ group of oil-exporting nations have successfully engineered a prospective deficit in the oil market, boosting spot prices and calendar spreads over the last four weeks. Front-month Brent futures prices have risen by more than $15 per barrel (80%) since the second trimester of April, while…

Google backs off on AI for oil and gas extraction

Google says it will no longer build custom artificial intelligence tools for speeding up oil and gas extraction, separating itself from cloud computing rivals Microsoft and Amazon. The announcement followed a Greenpeace report Tuesday that documents how the three tech giants are using AI and computing power to help oil companies find and access oil…

IOC eyes hydrogen-based fuel to shape India’s energy transition: chairman

Singapore — State-run Indian Oil Corp. is working on a long-term energy transition strategy, which would involve producing hydrogen in a cost-effective way as well as developing technology to combine compressed natural gas with hydrogen, its chairman Sanjiv Singh told S&P Global Platts in an interview. In addition to refining and fertilizers, hydrogen provides a…

Govt Will Privatize All PSUs In India Except 4 In Strategic Sectors

While announcing economic reforms in the light of Covid-19 imapct on businesses and Governance, India’s Finance Minister has made a big announcement: Every PSU in India will be now privatized, except 4 in strategic sectors. Is this India’s biggest privatization drive? In a big decision, Govt has now announced that all PSUs in non-strategic sectors…

Oil prices will bounce back in the near future: Dharmendra Pradhan

Petroleum minister Dharmendra Pradhan said oil prices will “bounce back” sometime in the near future. “People will be not be affected,” Pradhan said, adding that the government will have to save some money. Speaking to News18, Pradhan said the government has not hiked retail prices during the COVID-19 outbreak. On May 5, excise duty on…