Oil falls 5% as economic outlook dims with rising coronavirus cases

Oil prices plunged about 5 per cent on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears. Crude oil followed other equities and commodities markets in turning risk-averse on Monday as rising Covid-19 infection rates in Europe and other countries prompted renewed lockdown…

Azerbaijani energy minister stresses importance of co-op within OPEC + format

All OPEC’s interests and goals in its 60 year-activity are based on unity, solidarity and cooperation and the transformation of the OPEC’s idea into reality is also the result of trust among the oil countries, Azerbaijani Energy Minister Parviz Shahbazov said, Trend reports referring to the Azerbaijani Energy Ministry. “While fulfilling its regulatory mission in…

India saved Rs 5,000 crore by filling strategic reserves with low-priced oil: Dharmendra Pradhan

NEW DELHI: India saved over Rs 5,000 crore when the country in April-May used two-decade low international oil prices to fill up its three strategic underground crude oil storages, Petroleum Minister Dharmendra Pradhan said on Monday.India, the world’s third-biggest oil importer, has built strategic storages in underground rock caverns at three places to meet any…

IOC bets big on petrochemicals, forward integration into textile biz

New Delhi: Country’s largest oil marketing company Indian Oil Corporation proposes to leverage its growing petrochemical operations to expand textile business as it looks to diversify operations and offset risks associated with oil operations. At a recent Asia Pacific oil summit IOC chairman S.M. Vaidya reportedly said that petrochemical expansion is being targeted by the…

PSU oil retailers are not offering home delivery of petrol, CNG, says Oil Minister Pradhan

This was stated by Minister for Petroleum and Natural Gas Dharmendra Pradhan in a written reply in the Rajya Sabha on Monday.Pradhan said that Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation Ltd (BPCL) have informed that home delivery of diesel is not offered by them either. But, door-to-door…