Page 12 - Crude Oil Price

100 new biogas plants will soon be established in UP: Hardeep Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday said that 100 new biogas plants will soon be established in Uttar Pradesh. Speaking to reporters in Lucknow before going to the inauguration of the Compressed Bio Gas Plant in Budaun, Puri said that in the last seven years, under the leadership of Chief Minister Yogi Adityanath, the state has shed the label 'BIMARU' (sick) state and has done excellent work in every sector. "Today a new compressed biogas plant is going to be inaugurated in Budaun and the foundation stone of new compressed biogas plants will also be laid in eight other districts of the state," he said. Puri said that the process of land selection for setting up 37 plants is complete. According to a statement by the UP government, Puri said that the Budaun plant, developed on 50 acres with an investment of about Rs 135 crore, will produce about 14 tonne of compressed biogas every day, and will be instrumental in stubble management. Earlier, ...

Oil settles at highest in nearly eight weeks on strong economic growth

Both benchmarks made weekly gains of more than 6%, marking their biggest weekly increase since the week ending Oct. 13 after the start of the Israel-Hamas conflict in Gaza

Oil edges higher, on track for weekly gain on strong economic growth

Brent crude futures were up 53 cents, or 0.7%, at $82.93 a barrel by 1:48 p.m. ET (1848 GMT), and touched $83.57, their highest price since November

Oil mkt braces for a weeks-long disruption to shipping in southern Red Sea

Suezmax ships - so-called for their ability to sail full through the canal that links Asia and Europe - are up about 50% to almost $70,000 a day

Oil drops slightly on China demand concerns but records weekly gain

Brent futures settled 54 cents lower at $78.56 a barrel. U.S. West Texas Intermediate crude fell 67 cents to settle at $73.41

Rupee depriciates 1 paisa to 83.15 against US dollar in early trade

The rupee slipped 1 paisa to 83.15 against the US dollar in early trade on Thursday amid rising crude oil prices and withdrawal of foreign funds. Despite a weak American currency against major overseas rivals, negative sentiment in domestic equity markets kept the Indian currency under pressure, forex traders said. At the interbank foreign exchange, the domestic currency opened at 83.16 and inched up to 83.15 against the greenback in morning deals and traded at a loss of 1 paisa over its previous close. On Wednesday, the rupee settled 2 paise lower at 83.14 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.16 per cent lower at 103.04 on Thursday. Analysts said the dollar retreated after the US data released on Wednesday showed more than expected increase in retail sales, dashing financial market's hope of interest rate cut by the Federal Reserve. Brent crude futures, the global oil benchmark

India can become $5 trn economy much before 2028: Hardeep Singh Puri

Union minister Hardeep Singh Puri on Tuesday asserted that India can become a five trillion dollar economy much before 2028 and said the country's energy transition needs to be done in an orderly manner to safeguard the interests of its large population. Puri, the minister for petroleum and natural gas as well as housing and urban affairs, said India is aware of its commitments towards sustainability goals and will meet all the targets in time while meeting the requirements of a growing economy. He was speaking at a CII-EY breakfast session on 'accelerating India's energy transition towards sustainable economic growth' on the sidelines of the World Economic Forum Annual Meeting 2024. "I don't think we need to wait till 2028 to become a five trillion dollar economy, and if you look at what is happening, it should happen much before 2028," he said while listing various macroeconomic parameters. "I also think that the transition has to be orderly because transition by nature has to ha

India in talks with Brazil for tech partnership to expand ethanol usage

India is in talks with Brazil for a technological partnership to expand usage of ethanol, amid a push for alternative fuels to cut carbon emission. Brazil has been using ethanol for a very long time in vehicles and there is a lot to learn from the South American nation, Union Minister V K Singh said on Tuesday. "We can learn from them (Brazil) and collaborate with them to ensure that we also develop an ecosystem for ethanol and such alcohol-based fuels," the Minister of State (MoS) for Road Transport and Highways said at the 'Assocham-Fuels of the Future 2.0' conference in the national capital. He further said that there is a need for awareness on alternative fuels to replace fossil fuels. Beside sugarcane, ethanol can also be produced using broken rice, maize and corn. "There is also a push on sustainable aviation fuel and we have conducted a trial of sustainable aviation fuels powered flight. The greatest challenge before us today is what alternative fuel we adopt and how we can

Reliance Industries seeks minimum of $10 to produce gas from coal seams

Reliance Industries Ltd is seeking a minimum USD 10 rate for the gas it plans to produce from coal seams, as it altered its pricing formula to reflect the changed energy scenario. Reliance has sought bids from users for 0.90 million standard cubic meters per day of gas it will produce from coal-bed methane (CBM) block SP (West)_CBM-2001/1 in Madhya Pradesh, according to a tender floated by the company. Users have been asked to quote a premium they are willing to pay over and above 12.67 per cent of the Dated Brent crude oil price. Gas price shall be higher than 12.67 per cent of Dated Brent plus premium 'V'; or the government-declared monthly price for conventional gas. The government-mandated price for January is USD 7.82 per mmBtu. Reliance has set the starting bid price of 'V' at USD 0.50 per million British thermal units - bidders have to quote 'V' higher than USD 0.50. At the current Brent crude oil price of USD 78 per barrel, the minimum gas price comes to USD 10 per mmBtu .

Oil prices rise 1% as tankers avoid Red Sea after strikes on Houthis

Brent crude futures rose $1.08, or 1.4%, to $78.51 a barrel by 1:25 p.m. ET (1825 GMT), after earlier surging over $3 to more than $80

Energy security: India considering options for strategic petroleum reserves

India's plans to replace most petrol vehicles with electric ones may fall well short of the target, forcing the country to continue depending on crude oil

Oil prices rises $2 amid West Asia tensions, reduced Libyan output

Brent crude futures rose by $2, or 2.63%, to $78.12 a barrel at 1312 GMT, while U.S. West Texas Intermediate crude futures gained $2.09, or 2.95%, to $72.86 a barrel

Oil prices rise ahead of US Secretary of State Blinken's visit to West Asia

At its intra-day peak, the US West Texas Intermediate crude futures contract traded more than $1 above previous close

Red Sea region conflict: No major threat to India's fuel supplies

Petroleum Minister Hardeep Puri said there had been no disruption in supplies due to the attacks by Houthi rebels on oil tankers transiting the Suez

Crude oil prices falling but no control on looting of Modi govt: Kharge

Congress president Mallikarjun Kharge on Thursday targeted the Modi government for not reducing the prices of petrol and diesel even when crude oil prices were falling globally. In a post on X, Kharge also put out a chart, which said crude oil has reduced by 31 per cent in 19 months but the minister says there will be no reduction in the prices of petrol and diesel. "Crude oil prices are falling, but there is no control on the looting of the Modi government. Modi ji's ministers themselves are saying that 'there has been no talk with oil companies about reducing prices'. Oil companies are earning Rs 8 to Rs 10 profit from the public on every litre of petrol and Rs 3 to Rs 4 profit on diesel," he said in his post. "The country is looking for an account of lowest 'public savings' in 50 years, ... in BJP's false speeches of 'Acche Din' and in their hollow advertisements," Kharge added.

Sensex sinks 536 pts, Nifty nears 21,500 amid global sell-off; IT slides

Closing Bell on January 3, 2024: On the upside, Bajaj Auto, Adani Enterprises, Adani Ports, Cipla, ITC, and IndusInd Bank were the top gainers, rising up to 4.5 per cent

India's oil demand growth expected to remain strong in FY24: Analysts

Forecast of higher demand come amid industrial slowdown fears in China

Crude oil advances as Iran warship in the Red Sea escalates tensions

Brent crude climbed as much as 2.6 per cent to top $79 a barrel, before paring some of that gains

Petrol, diesel sales dwindle as winter sets in, PSU firms' data show

Petrol and diesel sales in India slumped in December as setting in of winter tapered demand, preliminary data of state-owned firms showed on Monday. Petrol sales of the three state-owned firms, which control 90 per cent of the fuel market, fell 1.4 per cent to 2.72 million tonnes in December 2023 when compared to the year-ago period, while diesel demand dropped 7.8 per cent to 6.73 million tonnes. The onset of the winter season in northern India led to the tapering of air-conditioning demand. Month-on-month petrol sales dropped 4.9 per cent when compared to 2.86 million tonnes consumption in November. Diesel demand too was down 0.8 per cent month-on-month when compared to 6.79 million tonnes in November. Diesel is India's most consumed fuel, accounting for almost 40 per cent of all petroleum product consumption. Transport sector accounts for 70 per cent of all diesel sales in the country. Fuel consumption has been on a see-saw over the last couple of months. Demand for both petro

Govt to audit rising spot purchase of crude, House panel flags costly buys

The Committee has recommended that the Ministry should conduct an audit to see whether the purchases in spot tenders have actually resulted in cheaper costs