British oil giant BP to set up global business centre in Pune

New Delhi: UK oil major British Petroleum said it will set up a major new centre for its global business services (GBS) operations in Pune, India. The BP-owned centre, will provide business processing and advanced analytics capabilities in support of bp businesses worldwide, is expected to begin operations by January 2021, the company said in…

PM Narendra Modi reviews situation of Oil Well Blow Out and fire in Assam

New Delhi: Prime Minister, Shri Narendra Modi today reviewed the situation arising out of OIL India Limited Oil Well Blow Out and fire in the oil well No. Baghjan-5 in Tinsukia District, Assam. The Review Meeting was attended, amongst others by Home Minister Shri Amit Shah, Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan,…

India returning to normal business activity: Modi

NEW DELHI, June 18: Prime Minister Narendra Modi today said business activity in India is fast returning to normal levels with consumption and demand approaching pre-COVID levels as visible in macro data on power, fuel and other consumption. India faced a recession-like scenario after a national lockdown was imposed on March 25 to curb spread…

Crude oil futures slip 1.5%, WTI trades below $38 a barrel

Crude oil futures eased to Rs 2,893 per barrel on June 17 as participants increased their short positions.The American Petroleum Institute (API) reported that US crude inventories rose 3.85 million barrels for the week ended June 12 against expectations of a decline of 0.15 million barrels. The market is likely to take further cue from…

Venezuela’s U.S. sanctioned oil finds

Venezuela’s oil exports have collapsed since the U.S. placed sanctions on its state producer, but some crude from the OPEC member is still making its way to buyers in Asia. Officially, China hasn’t imported any Venezuelan crude since September after Washington sanctioned state entities including Petróleos de Venezuela, S.A. Information from data intelligence firm Kpler,…

U.S. Is The Surprising Winner In China’s LNG Market

The natural gas market is reeling from the triple whammy of a stubborn supply overhang, particularly in the Asia-Pacific region–which accounts for nearly two-thirds of global demand–a mild winter, and a hobbled global economy. China has emerged as a rare bright spot as energy demand in the country remains relatively high. However, Beijing is taking…

OPEC+ panel makes no recommendation on supply cuts -sources

OPEC+ technical experts made no recommendation on further extending a record oil supply cut in talks on Wednesday and decided to focus on compliance of laggards in the deal ahead of ministerial talks on Thursday, OPEC+ sources said. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to a record supply…

As fire at Assam gas well continues, studies under way to assess impact on environment

Several studies are underway by different agencies to assess the impact on the fragile ecosystem due to blowout and subsequent fire at the natural gas well of Oil India Limited (OIL) in Upper Assam’s Tinsukia district. The gas well in Baghjan, located close to the Dibru-Saikhowa National Park (DSNP) and Maguri Motapung wetland, had a…