The Renewables arm of Larsen & Toubro’s Power Transmission & Distribution Business has bagged an order to set up Sudair solar power project of 1.5 GW in Riyadh province of Saudi Arabia. The company did not disclose the value of the contract, but said the orders fall under the “major” category, which ranges between Rs […]
Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]
Saudi Arabia has hiked its crude oil prices for Asian buyers by $0.40 per barrel and cut those for European and US buyers by $0.20 and $0.10 per barrel, respectively, Reuters has reported, noting the increase is for May cargos, from the prices for April cargos. This means the May shipments price for Arab Light—Saudi […]
Amid tensions with Saudi Arabia over oil production cuts, India has asked its state refiners to review contracts they enter into for buying crude oil from the Middle East nation and negotiate more favourable terms. Few weeks ago the energy minister of the Saudi kingdom had summarily dismissed India’s plea to relax production curbs and […]
With Saudi Arabia giving cold shoulder to India’s plea for easing production controls, India is reported to be scouting to purchase crude oil from any country that will give it at cheaper rates and on favourable business terms. Refineries in India, the world’s third-biggest oil importer are snapping up more cargoes from outside the Middle […]
Saudi Aramco remains in discussion with Reliance Industries Ltd for a potential deal to buy a 20 per cent stake in its oil-to-chemical (O2C) unit, Morgan Stanley said, citing the Saudi firm’s analyst call post announcing 2020 earnings. Mukesh Ambani of RIL had in August 2019 announced talks for the sale of 20 per cent stake in the O2C […]
Saudi Aramco, the world’s largest crude oil exporter, lowered its guidance for capital expenditures (capex) for 2021 even amid a pick-up in demand for oil and natural gas in Asia. The oil firm’s capex will be around $35 billion this year, down from previous guidance of $40 billion to $45 billion, Aramco said in a […]
The Riyadh oil refinery was attacked by drones late last week but Saudi Arabia’s energy ministry said that the supply of oil and petroleum products has not been affected. “The Riyadh oil refinery was attacked by drones, resulting in a fire that has been brought under control. The attack did not result in any injury or death […]
Saudi Arabia’s unilateral additional cut in oil production crashed the total OPEC output down by 870,000 barrels per day (bpd) in February 2021, the first monthly drop in the cartel’s production since June last year, the monthly Reuters poll showed. The total crude oil production from all 13 OPEC members stood at 24.89 million bpd last month, […]
The leaders of the OPEC+ alliance, Saudi Arabia and Russia, are reportedly once again at odds over oil supply management ahead of another crucial meeting of the group next week. OPEC’s top producer and de facto leader Saudi Arabia would likely prefer the March 3-4 meetings to decide that the OPEC+ coalition holds production flat […]
