Government confident India’s fuel demand will return to pre-COVID levels: Pradhan

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Fuel demand in India, the world’s third-largest oil importer and third-largest oil consumer, is set to rebound to pre-crisis levels by the end of September, Oil and Petroleum Minister Dharmendra Pradhan said at the virtual Bloomberg-NEF Summit in New Delhi.   India’s fuel sales in June reached 88 per cent of the pre-COVID-19 levels as easing of lockdown […]

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India’ petroleum product demand doubles in May, after sharp drop in April

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With country’ petroleum product demand doubling in May, India’s largest refiner Indian Oil Corporation Ltd (IOC) said its refineries are operating at almost 90 per cent of their capacity. This comes in the backdrop of Indian economy slowing coming back to life after the world’s strictest lockdown. The state-owned refiner had slashed its refining capacity […]

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Oil prices fall as EIA confirms crude inventory build in the United States

Crude oil prices accelerated their fall after the Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after […]

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