Reliance Industries Ltd sought bids from buyers of coal gas it produces from coal bed methane (CBM) blocks in Madhya Pradesh at a minimum price of about USD 6 per mmBtU (million British thermal unit) at the current oil price. Reliance sought bids for 0.82 million standard cubic meters per day of gas from the Sohagpur […]
India hopes it could diversify its oil suppliers under the new U.S. Administration that could relax restrictions on oil exports from Iran and Venezuela, India’s Oil Minister Dharmendra Pradhan told Bloomberg TV in an interview. “Some geopolitical changes are there,” Pradhan told Bloomberg, referring to expected policies from U.S. President Joe Biden. The Indian minister reiterated […]
The new COVID-19 surge remains a near-term threat to the economic recovery. But over the course of the last 10 months, the economy has turned out to be more resilient in adapting to the virus and more responsive to monetary and fiscal policy support than many predicted. The development of several effective vaccines indicates that […]
State-owned Oil and Natural Gas Corporation (ONGC) opened India’s eighth hydrocarbon producing basin when it started oil flow from a well in the Bengal basin. Oil production commenced from the well Asokenagar-1 in 24 Pargana district, the company said in a statement. “The well Asokenagar-1 was completed as an oil producer under early-monetisation plan issued by the […]
Oil prices plummeted as a new strain of the coronavirus in the UK, found to be spreading faster among people, prompted tougher lockdowns in Britain and many European countries banning flights from the UK. WTI Crude was plunging by 4.20 percent to $47.04 a barrel, while Brent Crude was down by 4.17 percent at $50.12 a barrel, […]
The spread of the Covid-19 pandemic led to lockdowns and economic devastation across the world. The story for commodities was far more nuanced, reflecting that the pandemic was not your run-of-the-mill global recession. The story for 2021 is likely to be dominated by the recovery from the coronavirus, especially since it now seems likely that […]
Rising global crude oil price is seen to increase the already elevated inflation levels in the country, according to a report by Barclays. “We estimate that a $10/barrel increase in the price of crude oil, to $55/barrel from $45/bbl, which implies a Rs 5.8/litre increase at the pump, would add about 34 basis points to […]
Only the lowest cost crude oil reserves are likely to be developed over the next three to five years, according to Moody’s Investors Service. It said that Brent crude prices are likely to remain in the range of $45-$65/barrel, while WTI (West Texas Intermediate) crude are likely to get $40-$60/barrel in the medium term. Moody’s said that […]
Consumption of petrol in India increased by 4.5 per cent in the month of November 2020, while that of diesel was down by 7.3 per cent, latest data showed, as the economy continue to emerge from the shadows of a national lockdown triggered by the the Covid-19 virus. The consumption of petrol was seen at 1.939 million tonnes till […]
Earlier this month, Royal Dutch Shell Plc pulled the plug on its Convent refinery in Louisiana. As Convent’s 700 workers found out they were out of a job, their counterparts on the other side of Pacific were firing up a new unit at Rongsheng Petrochemical’s giant Zhejiang complex in northeast China. It’s just one of […]
