The petrol and diesel retail prices have been creeping up slowly for the past 22 days. If some experts are to be believed, the trend will continue for at least a year until India and the world recover from COVID-19 pandemic and the resultant battering of the economy. Going by rough estimates, they say, the…
Oil fell on a negative outlook for demand as global coronavirus fatalities topped half a million and the U.S. recorded a record daily pace of infections. Futures in New York slid as much as 1.9%, after declining 3.2% last week. U.S. and U.K. public health experts warned against lifting lockdowns too quickly amid a worrying…
Crude oil price closed over 2% in the red despite posting the 3-week high above the $40 mark. Investors are worried that the surge in the number of new coronavirus cases will slow down the economic recovery. Crude oil price closed this week at $38.17, down 2.28%. This is despite prices trading above the $40…
The unprecedented OPEC+ deal in April, which led to drastic output cuts, is now entering its most dangerous phase, with oil demand and prices recovering. At the time, President Donald Trump claimed credit for the breakthrough, even though the U.S., the world’s biggest oil producer, wasn’t part of the agreement. Now the American president could…
TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh says the recent gasoline cargoes sent to Venezuela were sold at the market price to the country and were not for free, IRNA reported. They paid a fair price and provided the necessary guarantees for the future payment, he said, adding that a part of the money…
U.S. shale was one of the big losers of the Saudi-Russian price war that many saw as a war on U.S. shale. Producers scrambled to stay afloat as prices sank back to lows not seen since 2016, and they are still scrambling. Banks are giving them the cold shoulder, worried that many will not be…
Oil India Limited (OIL) on Saturday called off its operations to contain the fire and blowout at the Baghjan 5 well in Assam after the area was ravaged by days of heavy rain and floods. “Working condition at the site has been considered unsafe for the day and all operations at site have been called…
GUWAHATI: ONGC’s Executive Director Tarun Malik said that companies in the Northeast region are giving renewed thrust on enhanced Oil Recovery (EOR) schemes after Government of India announced renewed policy framework by the for incentivising production through improved recovery schemes in domestic fields. Malik, while speaking at a virtual platform on “Consultation on Hydrocarbon and…
India is on its way to make its biggest savings in the oil import bill this year with Covid-19 related disruptions and sluggish demand conditions squeezing down the country’s crude payments to a fourth of previous years’ level in the first two months of current fiscal. In the period of April-May 2020-21, India’s oil import…
India, the third biggest oil consumer, expects fuel demand to return to normal earlier than projections by the International Energy Agency and OPEC. “If you look at the trend of the past few weeks, I’m confident that by the end of second quarter, demand will be as usual,” India’s Oil Minister Dharmendra Pradhan said at…
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