Oil Reserves

China asks state firms to add 60 mn barrels of oil to reserves: Report

China currently imports roughly 11 million barrels of crude per day. Five state oil firms - CNPC, Sinopec, CNOOC, Sinochem and Zhenhua Oil - have been tasked with the stockpiling

India in talks with Norway's Equinor for oil reserves, says report

State-run Indian Oil Corporation was in talks with nearly a dozen liquefied natural gas suppliers for long-term supply contracts

China's annual oil refinery output falls for first time in 20 months

The 3.3 per cent fall was the first year-on-year decline since August 2022

Crude oil rises as heightened geopolitical risks exacerbate supply concerns

Both benchmarks fell less than 1% last week versus the previous week. A stronger US dollar, which rose about 1% over the last week, has kept a lid on prices

Kuwait's ruling emir, Sheikh Nawaf Al Ahmad Al Sabah, dies at age 86

Kuwait's ruling emir, the 86-year-old Sheikh Nawaf Al Ahmad Al Sabah, has died, state television reported Saturday. Kuwait TV broke into programming with Quranic verses just before making the announcement. In late November, Sheikh Nawaf was rushed to hospital for an unspecified illness. In the time since, the tiny, oil-rich nation had been waiting for news about his health. State-run news previously reported that he traveled to the United States for unspecified medical checks in March 2021. The health of Kuwait's leaders remains a sensitive matter in the Middle Eastern nation bordering Iraq and Saudi Arabia, which has seen internal power struggles behind palace doors. Sheikh Nawaf was sworn in as emir following the 2020 death of his predecessor, the late Sheikh Sabah Al Ahmad Al Sabah. The breadth and depth of emotion over the loss of Sheikh Sabah, known for his diplomacy and peacemaking, was felt across the region. Sheikh Nawaf previously served as Kuwait's interior and defense .

India plans strategic reserves by storing gas in depleted wells: GAIL

The strategic facilities would be built in phases in India's western and northeastern regions with an initial capacity to store three to four billion cubic meters (bcm) of gas

Refinery rejig: Why is India steadily raising petrochemicals capacity

Estimates for the sector are bullish for a decade but it is not an easy business to run, say experts

IOCL selects Reliance Jio managed network services for its retail outlets

Jio has won IOCL order for providing SD-WAN solutions for retail automation and critical business processes, such as payment processing, QOS and 24x7 support

Oil prices rise in tight market as US sets release of more reserves

Oil prices rose on Wednesday as caution over tightening supply countered the negative impact of uncertain Chinese demand growth and news that United States will release more crude from its reserves

Iran may drain offshore crude oil cache if nuclear agreement reached

About 93 million barrels of Iranian crude and condensate are currently stored on vessels in the Persian Gulf, off Singapore and near China

Oil jumps toward $108 as supply fears persist despite reserves release

Oil also gained support from a pause in talks in Vienna to revive the Iran nuclear deal

Oil falls nearly 13%, most in 2 years after oil stockpile release

Oil settled lower on Friday as members of the International Energy Agency (IEA) agreed to join in the largest-ever US oil reserves release

Biden announces 'historic' oil reserve release amid elevated gas prices

US President Joe Biden announced that his administration will release 1 million barrels of oil per day for the next six months from its strategic reserve in an effort to tame elevated gas prices.

Biden to release of 1 mn barrels of oil a day to ease pump prices

Higher prices have hurt Biden's approval domestically, while also adding billions of oil-export dollars to the Russian war chest as it wages war on Ukraine

Oil prices dive as US considers record reserve release of 180 mn barrels

Brent crude futures for May fell $4.87, or 4.3%, to $108.58 a barrel by 0855 GMT

US President Biden planning to tap oil reserve to control gas prices

President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, in a bid to control energy prices that have spiked

Trading on a buffer: Can India afford to commercialise its fuel reserves?

India's decision to commercialise half its strategic petroleum reserves could jeopardise its energy security

Japan's plan to release oil reserve unchanged despite price drop: Minister

Japan's plan to release oil from strategic reserves despite the recent drop in oil prices, industry minister Koichi Hagiuda said

Oil mixed, investors sceptical about effectiveness of joint reserve release

TOKYO (Reuters) -Oil prices largely held gains Wednesday, with investors sceptical about the effectiveness of a U.S.-led coordinated release of stocks from strategic reserves and turning their focus to the next step by oil producers.

India to release 5 mn barrels of crude from reserves in bid to cool prices

This coordinated release of crude oil from strategic reserves will be the first of its kind globally