Petroleum products consumption in India slips by 0.6% in January 2020

Domestic consumption of petroleum products in January 2020 slipped by 0.6 per cent year-on-year (y-o-y) to 18.4 million tonnes, mostly on the back of lower sales of diesel, bitumen and fuel oil. According to provisional data by the government’s petroleum planning and analysis cell (PPAC), diesel usage dipped 1.9 per cent to 6.9 million tonnes. In […]

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India to stop import of thermal coal from Financial Year 2023-24: Pralhad Joshi

India will stop importing thermal coal from Financial Year 2023-24, said Union Minister of Coal and Mines Shri Pralhad Joshi while chairing “Chintan Shivir” – a two day brainstorming session. The session was organized to find a way forward for the coal sector – at Kevadia in Gujarat on 17th and 18th February 2020. “The Shivir […]

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Over $2 billion invested in Indian solar projects at risk over Coronavirus outbreak: CRISIL

Indian solar projects worth US$2.24 billion risk incurring time and cost overruns, including penalties for missing commercial operation timelines, if the coronavirus outbreak continues to impact Chinese solar panel exports, said CRISIL Ratings, an S&P Global company. India sources around 80 per cent of the solar modules it uses from China, as per CRISIL’s analysis. […]

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India’s Chief Economic Advisor calls recent inflation spike transitory

A surge in onion prices contributed around 70 basis points to retail inflation that scaled a 68-month peak of 7.59 per cent in January, chief economic adviser Krishnamurthy Subramanian said, stressing that the latest spike in inflation is “transitory” and is substantially driven by volatile vegetable prices and an unfavourable base, reported Financial Express.. He […]

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Middle east feels the pinch on account of the slump in Asia’s oil demand

The crude oil benchmarks in the Middle East, Dubai and Oman, continued to fall this week as well, as demand in Asia slumps. The coronavirus has now claimed more victims, and more quickly, than the SARS outbreak in 2003. Oman and Dubai futures dropped for a third consecutive trading day, after falling to a nearly year-low last Thursday, due to […]

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Is Exxon the oil giant in crisis?

Goldman Sachs downgraded ExxonMobil’s shares to Sell from Neutral, following another disappointing quarter. Exxon reported a drop in profits on Friday for the fourth quarter, weighed down by a deterioration in nearly every segment. Oil prices were weak, natural gas prices fell sharply, while profit margins for refining and petrochemicals also deteriorated. “There’s no doubt that 2019 was a […]

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Oil and gas prices fall as OPEC fails to act

OPEC’s Joint Technical Committee (JTC) recommended extending the current production cuts through the end of the year while adding an additional 600,000 bpd in reductions.  Russia hesitated last week, before signaling some support for additional cuts. Still, nothing has yet been confirmed or approved. OPEC+ had raised expectations of an emergency meeting, rumored to take place as […]

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