Page 5 - Oil Sector

Prez Biden flags move to release 50 mn oil barrels as major achievement

President Joe Biden has flagged as a major achievement of his administration the US-led move to release 50 million barrels of oil from Strategic Petroleum Reserve to lower energy costs for Americans

India's oil production continues to slip, ONGC output down 2% in Dec

India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in December 2021

Oil prices swing as easing supply issues wrestle strong demand

Brent crude rose to trade near $82 a barrel after earlier swinging between gains and losses

Oil prices prep for third weekly advance as supply lines fray

Futures increased again on Friday to trade near $80 a barrel in New York

Oil prices steady as Omicron caution lingers amid renewed curbs

Brent crude futures rose 1 cent, or 0.01%, to $73.99 a barrel after gaining 3.4% in the last session.

India refiners' November crude processing at near 2-year high

Refiners processed 5.25 million barrels per day (21.48 million tonnes) last month, up 5.9% from 4.96 million bpd in October

Bidding for DSF-III round to start on February 1, says DGH

From the previous two bid rounds, 29 field development plans entailing $1.76 billion investment have been submitted

ONGC seeks minimum $4 for CBM gas, $3.5 for gas in North East

India's top oil and gas producer ONGC is seeking a minimum price of USD 3.5-4 for the natural gas it plans to produce from coal seams in Jharkhand and a field in Tripura. Oil and Natural Gas Corporation (ONGC) has issued separate tenders seeking buyers of 0.02 million standard cubic meters per day of coal-bed methane (CBM) it plans to produce from the North Karanpura CBM block in Jharkhand and 0.1 mmscmd from Khubal field in Tripura. For the CBM gas, it asked buyers to quote a percentage equal to or higher than 8 per cent of Dated Brent Price, according to the tender document. "Floor price shall be the higher of the USD 4 per million British thermal unit or Domestic Gas Price notified by (government's) PPAC for the period," it said. The PPAC notified price for the six months beginning October 1 for gas from fields given to ONGC and Oil India Ltd on a nomination basis is USD 2.9 per mmBtu. ONGC has been complaining that the government-notified gas price is way below cost and the ..

Oil prices little changed as OPEC+ sticks to regular output increase

U.S. front month contract traded volumes remained low, at about 267,000 - below the 200-day moving average and far lower than the last four days.

Explained: Why does India fail to attract foreign investments in oil & gas?

The scenario reflects the larger uncertainties in global fossil fuel investments and India's whimsical policy environment

India's heavy reliance on fossil fuels will remain for some decades to come

Despite attempts to cast India as climate conscious, the country's heavy reliance on fossil fuels will remain for some decades to come

Oil prices fall, reversing gains as Saudi TV reports looming output rise

Saudi Arabia has already dismissed calls for speedier oil supply increases from OPEC+. But the Al Arabiya TV report said the Saudis will reach 10 million bpd in December.

Oil prices dip below $74 with global power crunch in focus

Futures in New York pared earlier gains as the dollar erased losses

Oil prices rise to one-week high as US supply concerns dominate

Brent crude rose 62 cents, or 0.9%, to $73.54 a barrel at 0858 GMT

Oil prices jump as storm approaches Gulf of Mexico production hub

For the week, Brent is on track for a rise of 11%, its biggest weekly jump since June 2020. WTI is headed for a weekly gain of more than 10%, also the strongest since June 2020.

Oil prices jump 5% after 7 days of losses, boosted by weaker dollar

A drop in the U.S. dollar provided a boost on Monday, making crude less expensive for holders of other currencies

DGH overhauls oilfield approval processes, cuts down statutory approvals

GH has made it easier for firms to explore and produce oil and gas in the country by limiting the requirement of statutory approvals to only extension of contracts

Oil prices hit new high near $75 on demand rise, falling inventories

Brent has risen 44% this year

Oil prices rise to over two-year high as demand improves, supplies tighten

U.S. West Texas Intermediate rose 27 cents to $71.18 a barrel. It hit a session high of $71.78 a barrel, its highest since October 2018.

Indian Oil Corp to invest Rs 24,000 crore in Gujarat petchem project

The LuPech project will produce import substitutes like Lube Oil Base Stock (LOBS) and Polypropylene