Crude inventories rose 5.7 million barrels in the week to June 5 to 538.1 million barrels, most in history, not including the US strategic reserves, EIA data showed US crude oil stockpiles rose unexpectedly last week to an all-time high as refiners boosted imports, particularly from Saudi Arabia, while exports dropped to...
The diesel and petrol sales by state oil companies have fallen by 28% and 47.5%, respectively, in the first fortnight of May from a year earlier, according to industry executives. New Delhi: India’s fuel demand is recovering fast in May after falling at a record pace in April following the easing...
The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the US benchmark WTI contract plunged to minus $38 a barrel NEW YORK: A month after sellers had to pay nearly $40 a barrel to get rid...
The primary trigger is the poor financial condition and revenue collection abilities of most state discoms. Part of the package announced by Finance Minister Nirmala Sitharaman Wednesday (May 13) was a Rs 90,000-crore liquidity injection into power distribution companies (or discoms). The move is aimed at helping the discoms...
Asian spot prices for liquefied natural gas (LNG) sank this week as the coronavirus pandemic further dampened demand, prompting buyers to push back cargo deliveries. The average LNG price for June delivery into northeast Asia LNG-AS was estimated at around $2.30 per MMBtu on Friday (April 17), $0.20 per...
According to a report by the oil ministry natural gas production by Indian E&P players had been impacted in March on account of decreased production in response to less off take by consumers New Delhi: The ongoing Covid-19 pandemic has dented the demand of petroleum products in India and...
Oil producers are required to pay a 20 per cent oil cess on the price of crude as well as a royalty of 10-12.5 per cent for offshore production of oil. Upstream oil and gas companies are seeking reliefs on taxes and levies from the government as the fall...
Indian Oil Corporation Ltd., the nation’s largest fuel retailer, expects the consumption of petroleum products to decline 40 percent in the first quarter of financial year 2020-21 due to a nationwide lockdown.The demand for aviation turbine fuel, petrol and diesel is down 30-40 percent, of which jet fuel is...
For the first time in more than a decade, U.S. natural gas is set to be the world’s most expensive as Covid-19 lockdowns wallop demand in other regions. Gas futures in the U.S. have rallied about 10% this month as traders bet that a historic crash in oil prices...
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