Page 13 - Oil

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

Oil posts biggest one-day gains after Trump touts Saudi-Russia deal

Trump did not specify barrels per day (bpd), though the market expresses demand and supply in those terms

Oil extends losses as US Fed rate cut fails to soothe global markets

Oil prices have come under intense pressure on both demand and supply sides

Saudi Aramco reports 20.6% drop in 2019 profit over low prices, production

The energy giant posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, it said in the statement to the Saudi Stock Market

Petrol prices cut by 12 paise a litre, diesel declines by 14 paise

Petrol in Delhi now costs Rs 69.75 per litre, while diesel is priced at Rs 62.44, according to a price notification of state-owned oil firms

Reliance buys an extra 2 mn bbls of Saudi oil for April loading: Report

Saudi Aramco has slashed its selling price for April and announced plans to raise output to a record 12.3 million bpd

World's 2020 oil demand growth virtually eliminated over COVID-19: OPEC

OPEC reduced the growth in world demand for oil from 990,000 barrels per day to 60,000 bpd, a 93 per cent drop

BPCL buys 2 mn bbls extra oil as Saudi cuts price, plans to hike output

BPCL's head of refineries also said his company is also exploring buying additional oil from UAE

Market Ahead, March 9: Top factors that could guide markets this week

Market participants will keenly watch the YES Bank developments especially after the Enforcement Directorate on Sunday arrested the bank's co-founder Rana Kapoor under money laundering charges

OPEC struggles to get Russian backing for oil cut amid coronavirus crisis

A panel of several ministers from OPEC, Russia and other producers failed to clinch a preliminary agreement for additional cuts, OPEC sources said

Oil rises over 4% on hopes of OPEC cut and stimulus amid virus gloom

Brent crude futures gained $2.23, or 4.5 per cent, to settle at $51.90 a barrel. The session low of $48.40 was its lowest since July 2017

Jet fuel prices cut by steep 10% as oil slumps over coronavirus outbreak

The rate of non-subsidised LPG was also reduced to Rs 805.50 per 14.2-kg cylinder from Rs 858.50 previously

Oil prices sink to lowest in over a year, biggest weekly drop since 2016

For the week, Brent lost almost 14 per cent, its biggest weekly percentage decline since January 2016, while WTI fell over 16% in its biggest weekly percentage drop since December 2008

RIL, Nayara Energy plan to wind down Venezuelan oil buys in April

India accounted for about a third of Venezuela's oil shipments in January

Coronavirus overshadows China stimulus and weighs on oil recovery

The rate of infections has declined in Hubei, the epicenter of the outbreak, but investor anxiety has crept back in as the virus spreads globally

Coronavirus: Govt announces relief for contractors; oil rallies for 7th day

The announcement came a day after FM held talks with industry leaders on coronavirus-related issues

Coronavirus outbreak will hit oil hard, but the consensus ends here

It is no surprise that the IEA, representing the major oil consuming nations, sees the biggest impact on demand