Oil Prices Slide on Concerns about Patchy Demand Recovery, Record US Stocks

Oil prices fell in early trade on Thursday on worries about slow demand growth with coronavirus cases rising, US crude stockpiles hitting an all-time high and the US Federal Reserve projecting recovery from the pandemic would take years. US West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a…

LNG tanker set to deliver gas to U.S. with European stockpiles near full

A ship carrying liquefied natural gas from Nigeria is expected to drop its cargo in Georgia as energy firms look for a place to store the super-cooled fuel with prices higher in the United States and stockpiles nearing full capacity in Europe. The ship, Madrid Spirit, does not have a destination listed, according to data…

U.S. crude stockpiles surge to record high on big Saudi imports – EIA

U.S. crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to lows not seen since November. The Energy Information Administration also said on Wednesday that refined product demand ticked up, but still remained far below normal levels.Crude inventories rose 5.7 million barrels…

U.S. Shale Could Collapse If Oil Prices Don’t Bounce Back

Unless oil prices move back up to the levels before the COVID-19 pandemic, the U.S. shale industry could collapse, the Institute for Economics & Peace, an Australian think-tank, warned in a new report on Wednesday. Moreover, the oil price plunge will likely affect the political regimes of some of OPEC’s largest producers, including top producer…

The 11th OPEC and non-OPEC ministerial meeting concludes

The meeting recalled the rights of peoples and nations to permanent sovereignty over their natural wealth and resources. The meeting reaffirmed the continued commitment of the participating producing countries in the ‘Declaration of Co-operation’ (DoC) to a stable market, the mutual interest of producing nations, the efficient, economic and secure supply to consumers, and a…

Repsol transfers its exploration rights for oil and gas off Bulgarian coast

SOFIA, Bulgaria has granted Spain’s Repsol permission to transfer 30% of the rights to explore a block off its Black Sea coastline for gas and oil to the other two rights holders. After the transfer, a unit of French oil company Total would hold 57.14% of the rights, while a unit of Austria’s OMV would…

Now, filling fuel in vehicles is possible with just a click

KOCHI: Now, filling your vehicle’s fuel tank will be just as easy as placing an online food order. In a novel initiative, an Indian Oil outlet at Thoppumpady here has started delivering fuel to customers in various residential flats and commercial establishments as part of the effort to reduce the risk of virus transmission. At…

Oil reserves build-up saves India Rs 5,000 crore

Swift action by the petroleum ministry has resulted int filling India’s 5.33 million metric tonnes (MMTs), or 39 million barrels, of strategic oil reserves to the brim at an average price of $25 per barrel before international oil prices started heading north, saving about Rs 5,000 crore of public money, two government officials said. Even…