Saudi Arabia’s crude oil stockpiles rebounded in September after hitting their lowest on record in August, as the country boosted production while using much less for power generation and slightly reducing refinery runs, data from the Joint Organizations Data Initiative showed. Saudi Arabia exported 6.516 million barrels per day (b/d) of crude in September, its […]
State-owned Oil and Natural Gas Corporation (ONGC) has reported 565% rise in standalone net profit at Rs 18,348 crore for the quarter ending September 30, 2021 as it made a one-time tax gain on opting for a lower rate regime. A year ago, ONGC reported net profit of Rs 2,758 crore during the same period. Revenue […]
Rebounding global oil consumption amid tight supply—contrary to some forecasts last year that indicate demand may have peaked or was close to its peak—as well as years of underinvestment in new supply following the 2015 crash, have prompted Wall Street banks to raise significantly their projections for oil prices in the short and medium term. […]
India is open to the idea of a term deal with OPEC + to ensure price stability in crude supplies, Oil Secretary Tarun Kapoor said at the India Energy Forum by CERAWeek, erasing volatile price swings detrimental to the economic growth of Asia third-largest economy. He said such a crude supply deal could take a […]
In the upcoming international energy event scheduled later this week, India will reiterate its request to oil producing countries to increase their output which will bring down global crude prices, top government officials said. The price of Indian basket of crude is currently at $ 82.3 per barrel, up from $ 69 a barrel in […]
Price of petrol and diesel was hiked again by 35 paise a litre and the auto fuels now cost a third more than the rate at which ATF is sold to airlines. The fourth straight day of 35 paise per litre hike sent petrol and diesel rates to record highs across the country. The price of […]
India’s crude oil production fell by 2.3 per cent in August 2021 while its natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP, government data showed. Crude oil production dropped to 2.51 million tonnes in August as output from fields operated by state-owned Oil and […]
China is estimated to have sent around 760,000 barrels per day (bpd) of crude oil to its strategic and commercial reserves in August, as refinery throughput in the world’s top oil importer slumped to the lowest in 15 months. Last month, China reversed four months of estimated draws from its inventories, mostly as a result […]
Stating that Reliance Industries (RIL) “will aggressively pursue” the target of bringing down the cost of green hydrogen to under $2 per kg “well before the turn of this decade”, chairman Mukesh Ambani said on Friday “India can set an even more aggressive target of achieving under $1 per kg within a decade”. Currently, the production cost of green […]
OPEC and its allies, OPEC+, agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent times and a stark contrast to the drawn-out negotiations seen […]
