Page 11 - Oil

India calls Saudi Arabia's advice on tapping stored oil 'undiplomatic'

India, the world's third-biggest oil importer and consumer, has asked refiners to speed up diversification and cut reliance on Middle Eastern oil

Reliance to hive off O2C business, expects approvals by September quarter

The Mukesh Ambani-controlled company had initiated the process to hive off its oil-to-chemicals business at a time when the Covid-19 pandemic caused a slump in fuel demand

Global shares stuck near peaks, US oil futures extend declines

Shares in China rose 0.37% after data showed Chinese industrial profits hit a nine-year high. South Korean stocks also rose 0.05%

Global oil demand unlikely to get vaccine boost until later in 2021: IEA

Brent crude fell 0.8% to $43.46 a barrel in early London trade, snapping three straight days of gains

Oil dips on prolonged second wave of Covid-19, fears of more supply

Brent crude futures fell 23 cents to settle at $42.93 a barrel, and US West Texas Intermediate (WTI) crude futures dropped 8 cents to settle at $40.88 a barrel

OPEC+ oil output boost to leave market in precarious balance, IEA says

At the same time, markets are set to receive fresh supplies in January as OPEC and its partners relax some of the measures they've taken to prevent a glut

Oil steady as demand worries revive, crews return to US Gulf rigs

rent crude futures gained 5 cents, or 0.1%, to $42.27 a barrel, after climbing 4.2% on Wednesday

India fuel consumption falls 16% in Aug, biggest monthly decline since Apr

Sales of refined fuels, a proxy for oil demand, fell to 14.39 million tonnes in August, about 16% lower from a year earlier, its sixth consecutive year-on-year slide

Underwater: Australia's oil industry faces new indigenous heritage test

Woodside has long worked with the Murujuga to preserve rock art sites near its North West Shelf and Pluto LNG plants on the Burrup Peninsula

Asian shares start cautiously amid elevated valuations, oil skids

Australian shares slipped 0.4% while South Korea and New Zealand's benchmark index were off 0.1% each

Govt to spend Rs 1.2 trn on oil, gas exploration and refineries in FY21

State-owned oil firms plan to spend about Rs 1.2 lakh crore in the fiscal year to March 2021 on oil and gas exploration and production and refineries in a bid to boost economic activity in the nation that has been hit hard by the COVID-19 pandemic. As much as Rs 5.88 lakh crore of spending is budgeted for 8,363 projects over the next few years, an official statement said. "Out of the total anticipated cost of these projects, approximately Rs 1.20 lakh crore is targeted to be incurred as capex in FY 2020-21," it said. Oil Minister Dharmendra Pradhan reviewed all ongoing projects of oil and gas companies in a bid to turn the crisis into an opportunity by scaling up work on the projects to create employment and revive growth. "These projects of oil and gas PSUs, their joint ventures and subsidiaries include refinery projects, bio-refineries, exploration and production (E&P) projects, marketing infrastructure projects, pipelines, city gas distribution projects, drilling/survey ...

Iraq pledges to deepen oil output cuts in Aug, Sept by 400,000 barrels/day

Iraq said on Friday it would cut its oil production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months.

Abu Dhabi to merge oil services firms into $2.4-billion national champion

NMDC shares rose 14 per cent in Abu Dhabi on Sunday to 5 dirhams, their highest since March 2017, after NPCC's shareholders proposed the deal

Oil falls as virus infections rise, eyes on European Union recovery plan

Brent crude was down 24 cents, or 0.6%, at $42.90 per barrel by 0943 GMT while US West Texas Intermediate (WTI) slipped 23 cents, or 0.6%, to $40.36

Global stocks, Euro, oil get shot in the arm on hopes of Covid-19 vaccine

An experimental vaccine for Covid-19 produced by the US company Moderna provoked safe immune responses in all 45 healthy volunteers, an early-stage study showed

Oil down $2 as US crude inventories swell, Covid-19 resurgence feared

Brent crude was down $2.04, or 4.8 per cent , to $40.59 a barrel by 11:03 a.m. EDT (1503 GMT), a day after hitting its highest since prices started plunging in March

Massive fire breaks out at Baghjan oil well in Assam, over 1,000 evacuated

A company spokesperson said no casualty or injury has been reported so far

OMC earnings to take 10-27% hit as govt raises duties, bars fuel price hike

Marketing margins to be squeezed by 64%; companies did not pass on the benefits of lower global petroleum prices to consumers

Covid-19: Energy agency says 2020 worst year in history for oil demand

We may see it was the worst year in the history of global markets, said Fatih Birol, head of the IEA

Exhausting product tankage not a cause of concern yet, say oil executives

Most do not expect refinery shutdowns even if lockdown extends