Oil Policy

UAE opens its annual oil-and-gas summit, pledges to increase output

The United Arab Emirates opened its annual oil-and-gas summit on Monday with pledges to increase energy output even as global prices have fallen and world politics remain uncertain ahead of the US presidential election. The massive Abu Dhabi International Petroleum Exhibition and Conference comes after the UAE just last year hosted the United Nations COP28 climate talks. Those talks ended with a call by nearly 200 countries to move away from planet-warming fossil fuels the first time the conference made that crucial pledge. But the UAE as a whole still plans to increase its production of oil to 5 million barrels a day in the coming years as it pursues more cleaner energies at home. Meanwhile, UAE officials have made a point to dodge any questions about the US election while maintaining their close ties to Russia despite Moscow's war on Ukraine. Allow me to say that we in the United Arab Emirates will always choose partnership over polarisation, dialogue over division and peace ove

Crude oil prices drop by 21% since March, but fuel costs continue to sting

With inflation easing and elections around the corner, speculation is growing that petrol could become cheaper by Rs 10 per litre and diesel by Rs 6-8 per litre

Asian share mkts off to a quiet start, dollar firm ahead of US jobs report

The dollar was hanging on to gains made on Friday after upbeat spending figures led markets to trim the chance of a half-point easing from the Federal Reserve

Cash-rich commodities traders snapping up refineries from Big Oil

Oil majors are also under pressure from institutional investors to cut emissions

ONGC seeks foreign partners for Mumbai High oilfield, offers revenue share

State-owned Oil and Natural Gas Corporation (ONGC) is seeking foreign partners to reverse declining output at its flagship Mumbai High fields, offering a share of revenue from incremental production plus a fixed fee but not any equity stake. ONGC on June 1 floated an international tender seeking global technical services providers (TSP) with annual revenue of at least USD 75 billion, according to the tender document. The TSP would have to do a comprehensive review of the field performance and identify improvements as well as implement suitable technological interventions and practices for improving production and recovery, it said. Bidders have been asked to quote quarterly incremental production they can enable over the 10-year contract period as well as the percentage share of the revenue they want from the sale of oil and gas produced over and above the baseline production. Bids are due by September 15, 2024. The TSP, who would be selected on the basis of one offering the highe

High crude oil prices a cause for concern, India's oil secretary says

As a consuming nation any increase in prices will cause concern and anxiety, Jain said at an industry event, referring to the "geopolitical premium" in crude prices

US sanctions 2 shipping companies for violating Russian oil price cap

The Treasury Department said Thursday that it has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap. The United States, along with the European Union, countries in the Group of Seven and Australia, imposed a $60 a barrel limit last year on what Russia could charge for its oil. The cap was designed to deprive the Kremlin of revenue to fund its war in Ukraine, forcing the Russian government either to sell its oil at a discount or divert money for a costly alternative shipping network. The companies being penalized are based in the United Arab Emirates and Turkey, the department said in a statement. A ship owned by the Emirates-based company Lumber Marine carried oil priced above $75 a barrel from a Russian port. Separately, a vessel owned by Turkey-based Ice Pearl Navigation ferried oil from Russia priced at $80 a barrel. Both companies relied on US service providers. As a result of the sanctions, the Biden ...

Oil causes trouble, again

Elevated crude prices will create complications

Oil goes past $90 a barrel after Saudi Arabia, Russia prolong cuts

The dual announcements from Riyadh and Moscow pushed benchmark Brent crude above $90 a barrel in trading

How Russian oil is still powering Europe's cars with help from India

Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, Kpler's data show

OPEC+ should get due recognition for constructive role: Secretary General

The main message from the OPEC+ panel that met last Wednesday was that the group would stay the course until the end of the agreement in 2023

Oil's new map: How India turns Russian crude into fuel for the West

The Asian nation's importance is expected to expand after fresh European Union sanctions on Russian petroleum exports take effect Sunday

Oil mixed amid weak China economic data, sustained hopes for 2023

Oil prices were mixed on Tuesday after China posted its weakest economic growth in nearly half a century, while its late-22 U-turn in Covid policy

India continues with Russian oil buys, cuts shipments from Saudi

Saudi Arabia's decline in India's oil market has coincided with Russia's rise, and ironically occurred amid growing diplomatic ties between Riyadh and New Delhi

Consortium of Indian oil companies to acquire 10% stake in UAE's ADNOC

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

Decoded: What is windfall tax on oil companies and where does India stand?

If a windfall tax is imposed in India, it will not only be aimed at private companies like Reliance, but also at state-owned behemoths

Oil prices rise to highest level in a month as Omicron concern eases

US airlines cancel more than 1,000 flights on Sunday; British minister says no new Covid curbs for England in 2021

Oil rises with investors weighing demand risk from Omicron variant

Crude's rally from the depths of the pandemic has run into considerable headwinds with Omicron's spread

Oil prices head for weekly loss on Omicron variant uncertainty

Brent and WTI are both headed for a 1.4 per cent loss this week

Oil prices edge higher on strong consumer demand, inventory declines

Prices had been pressured most of the day due to ongoing concerns that supply growth will outpace demand next year