Page 12 - Oil

Investors, Dutch court deliver 'stark warning for Big Oil' on climate

Investor support for climate concerns could force oil and gas companies to rethink how fast they pivot to other forms of energy

Oil prices drop as India's coronavirus crisis puts brakes on rally

Oil demand was already outstripping supply and the shortfall was expected to grow even if Iran boosted exports

Oil maintains upward momentum despite fresh coronavirus fears

The dollar hit three-week lows on Wednesday, making crude cheaper for countries using other currencies.

Reliance gets shareholders nod for hiving off O2C into separate unit

The firm said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit.

US resumes calls to Saudi Arabia as OPEC+ debates increase or rollover

Trump insisted OPEC raise production to prevent prices from spiking too high

Subhash Kumar takes additional charge as ONGC CMD

Kumar is also the firm's director (finance) and has over 36 years of experience in diverse activities across the Exploration & Production value chain

Oil rises on hopes of stable OPEC+ output, fears of long disruption at Suez

Brent oil rose 58 cents, or 0.9%, to $65.15 a barrel by 1048 GMT. U.S. crude was up 40 cents, or 0.7%, at $61.37 a barrel

India to buy oil from cheapest supplier on favourable terms, says Pradhan

UAE, Kuwait and Nigeria -- some of the biggest suppliers of oil to India -- are all OPEC members

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.