A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, oil demand could slump by 15 to 20 million bpd over the next few weeks. On an annual basis, Hardy said, this would contribute to a demand […]
Rock-bottom prices and predictions of a massive plunge in global oil demand for this year are seeing China buy up record tonnes of Russian oil, temporarily vindicating Moscow as it persists in its stubborn market share war with the Saudis. Reuters reported that China is scooping up 1.6 million tonnes of Russian Urals grade oil for […]
On Monday, the government of India raised the cap on additional excise duty on petrol to Rs 18 per litre and diesel to Rs 12 per litre. This is an increase of Rs 8 per litre on the previous level of Rs 10 per litre on petrol and Rs 4 per litre on diesel. The […]
India’s fuel demand has dropped by a steep 10-11 per cent in the first two weeks of March as the outbreak of coronavirus (Covid-19) led to the cancellation of flights and reduction in industrial activity. The country had consumed 19.5 million tonnes of petroleum products in March 2019, official data showed. Assuming consumption in two […]
Uttar Pradesh sugar mills have increased their ethanol production capacity to more than 1.4 billion litres (BL) per annum. More capacities are in the pipeline, reports Business Standard. According to the state sugar industry and sugarcane development department, at least 25 sugar mills in UP had already started ethanol production from ‘b heavy’ molasses, thus providing the much-needed liquidity […]
The price of subsidised cooking gas (LPG) has been hiked by Rs 35.55 per cylinder in the last five months, Oil Minister Dharmendra Pradhan said. As per government policy, LPG all over the country is available only at market price. However, households are entitled to buying 12 cylinders of 14.2-kg each at a subsidised rate […]
Coal remains central in the power mix of the developing world, with coal plants still being built across Asia in order to meet rising baseload electricity needs. However, a more challenging macroeconomic environment and slowing power demand growth are raising some questions around the growth of coal even in developing economies. Last year may have […]
After having instructed Aramco to boost production to unseen levels, Saudi Arabia now plans to boost oil exports in May to a record 10 million barrels per day, causing oil prices to fall once again. In the last couple of days, Aramco has offered their Arab Light and Arab Heavy blends for between $25 and $28 dollar per barrel […]
Minister of State for Finance Anurag Singh Thakur on Monday tabled three notifications relating to increase in excise duty and road cess on petrol and diesel by Rs 3 per per litre, amidst uproar by opposition in Lok Sabha. Thakur placed before the House the notifications dated March 13, 2020 seeking to raise special additional […]
Coal production from captive mines in India during the first eleven months of the ongoing fiscal have increased by 18.8 per cent year-on-year (y-o-y) to 51.7 million tonness (MT) from the corresponding period in FY19. However, about 53 per cent of the output came from coal blocks which were not cancelled by the Supreme Court […]
