Eight countries say gas deserves help as EU readies ‘green recovery’ fund

BRUSSELS – Eight European countries have urged the European Union to include natural gas in future funding, as the bloc’s executive prepares to unveil its plan for a green economic recovery from the coronavirus pandemic.   The European Commission will present on Wednesday its trillion-euro proposal for the bloc’s next budget, alongside a coronavirus Recovery…

Iranian fuel tanker has moored at Venezuela’s El Palito refinery

DUBAI – The first of five Iranian tankers carrying fuel to Venezuela has moored at Venezuela’s El Palito refinery, Iran’s English-language Press TV reported on Monday.   Iran is providing Venezuela with 1.53 million barrels of gasoline and components in a move criticised by U.S. authorities as both nations are under U.S. sanctions, according to…

Saudi to invest in Iraq’s Akkas gas field – Al Arabiya

BAGHDAD, Iraq’s Finance Minister Ali Allawi, who is acting oil minister, said the country had agreed to allow Saudi companies to invest in its western Akkas gas field, Saudi news channel Al Arabiya reported on Saturday.   The news channel provided no further details. The Akkas field in western Anbar province and bordering Syria is…

MCX will now allow crude oil trading in negative

A month after settling the crude oil contracts in the negative, India’s largest commodity derivative segment, MCX, has released a new application programming interface (API) which will facilitate a negative price on its software. When the WTI crude oil futures fell to a negative $37.63 per barrel in the month of April, MCX settled the…

Experts urge govt to lock in crude oil purchases as prices start rising

As oil prices start firming up from decades low, experts are suggesting the Indian government hedge part of its oil import to lock in the low price for the future.Admittedly, hedging of oil by importing countries is not common, but gaining traction. Egypt, Ghana, Jamaica, etc, have started hedging. Neighbouring Pakistan is also contemplating hedging…

Oil, gas giants may get tax sop as govt works on lifeline

NEW DELHI: The government is stitching together a package of measures to help domestic oil producers pull through the price crash and the uncertainty in the global oil market as heavy losses on each barrel they pump threaten the commercial viability of projects.   “The pandemic and lockdowns (around the world) have created very challenging…