India’s production of crude oil continued to decline in December 2021, with lower output from state-owned ONGC leading to a near 2 per cent drop, official data showed. Oil production in December 2021 was 2.51 million tonnes, down from 2.55 million tonnes a year earlier against a target of 2.6 million tonnes. The output was, however, higher […]
Jet fuel or aviation turbine fuel (ATF) price was hiked by 4.2 per cent – the second increase in rates this month due to firming international oil prices. Petrol and diesel prices however, remained unchanged for the 72nd day in a row. Aviation turbine fuel (ATF) price was hiked by Rs 3,232.87 per kilolitre, or […]
Vedanta Group is willing to spend $12 billion to acquire India’s state-owned refiner Bharat Petroleum Corp., among the largest asset sales in India that has been facing massive delays in completion. “We’re not going to bid aggressively, but we will put the right price,” billionaire chairman Anil Agarwal said in an interview in Riyadh, Saudi Arabia. […]
The newly resurrected Iraqi National Oil Company (INOC) has been given government approval to acquire ExxonMobil’s 32.7 percent stake in the supergiant West Qurna 1 oil field for up to $350 million. West Qurna 1, located around 65 kilometres from southern Iraq’s principal oil and export hub of Basra, holds a considerable portion of the […]
Import of petroleum coke (petcoke), a byproduct of oil refining process, stood at 9.87 lakh tonnes in December 2021, up by 73 per cent over the corresponding month of the previous year as it is becoming price competitive to coal, according to a report. The import of petcoke in December was up by 70 per […]
OPEC and allied oil-producing countries have decided to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19. The 23-member OPEC+ alliance led by oil cartel member Saudi Arabia and non-member Russia said it would add 400,000 […]
The energy counter has made a strong comeback in 2021 sustaining a robust crude oil price rally in 2021. From the very beginning of the year, there has been an unrelenting up move with little pauses in between, where prices hit their highest levels since 2014. Also, OPEC and allies continued with their record production […]
The country’s exports are expected to register healthy growth rate in the financial year 2022-23 and might touch $ 530 billion as exporters are “flushed” with orders, the Federation of Indian Export Organisations (FIEO) said. It added that additional exports will come from some of the PLI (production-linked incentive) sectors in the next fiscal. “Since […]
After a declining trend of last month, aviation turbine fuel (ATF) or jet fuel price has been hiked by 2.75 per cent on firming international oil prices, while cooking gas LPG rate has seen the first decline since October. Aviation turbine fuel (ATF) price has been hiked by Rs 2,039.63 per kilolitre, or 2.75 per […]
2022 crude oil supply-demand will be driven by several factors such as COVID-19 and its variants’ impact on demand and economy, falling OPEC+ spare capacity, and some countries inability to meet their production quota, non-OPEC production hike especially from the US and Brazil, the release from strategic petroleum reserves from several countries, lower upstream investment, […]
