Iran claims to have found new oilfield with 53 billion barrels of crude reserves; Norway discovers 100 million barrels reserves

Iran has claimed to have discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said to Reuters. “Workers and the exploration arm of the National Iranian Oil Company…have found an oilfield with 53 billion barrels of reserves,” Rouhani said […]

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India’s Hero Group renewable subsidiary receives $150 million funding from Masdar

India’s Hero Future Energies (HFE), Hero Group’s renewable subsidiary run by Rahul Munjal, has received $150 million strategic funding from Abu Dhabi Future Energy Company Masdar, reports Ritwik Sinha. Set up in 2012, HFE had earlier raised $125 million from International Finance Corporation (IFC), part of the World Bank. Masdar has now stepped in by […]

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Falling demand in India may prompts India to export diesel

India’s sputtering economy is turning the energy-hungry nation into an unlikely source of diesel exports, reports Bloomberg. The industrial fuel is the lifeblood of Indian manufacturing, transport and agriculture, making it the country’s most-consumed petroleum product. But five straight quarters of slowing growth is taking an increasing toll on demand, resulting in diesel consumption slumping to the lowest since […]

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IEA warns of a looming oil glut

If global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year, according to the International Energy Agency (IEA).  “Unless other things change, we will see a surplus probably, unless there is very strong demand growth recovery,” Keisuke […]

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