Page 2 - Oil

Oil India Ltd to invest Rs 25,000 crore in renewable energy by 2040

The company will invest in green hydrogen, solar, geothermal energy, 2G ethanol plant, compressed biogas plants, and carbon capture utilisation and storage (CCUS)

Oil prices ease from 10-month highs but hold above $90 a barrel

Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year

Oil steadies as China moves to support economy, tropical storm in focus

China halved stamp duty on stock trading in its latest attempt to boost struggling markets. The market is also keeping an eye on Tropical Storm Idalia and any risk it poses to oil and gas output

Oil down 1% as weak US gasoline demand offsets big draw in crude stocks

Prices bounced off session lows as investors noted a much larger-than-expected draw in U.S. crude stocks

Tankers carrying oil collides in Egypt, disrupts traffic: Officials

Two tankers carrying oil products and liquefied natural gas collided in the Suez Canal, disrupting traffic through the global waterway, Egyptian authorities said Wednesday. The Suez Canal authority said in a statement that the BW Lesmes, a Singapore-flagged tanker that carries liquefied natural gas, suffered a mechanical malfunction on Tuesday night and ran aground while transiting through the canal. The Burri, a Cayman Island-flagged oil products tanker, collided with the broken vessel. The collision disrupted traffic, the statement said. The two tanker were part of a convoy transiting through from the Mediterranean Sea to the Red Sea. We've immediately handled the breakdowns ... and traffic will go back to normal in both directions within the coming hours, said Adm. Ossama Rabei, the head of the canal authority, in the statement. About 10 per cent of world trade flows through the canal, a major source of foreign currency for the Egyptian government. In March 2021, the Panama-fl

Oil rises on strong travel demand, China's move to soothe economic woes

Brent crude futures rose $1.24, or 1.5% to $84.70 a barrel by 11:18 a.m. ET (1518 GMT). U.S. West Texas Intermediate crude (WTI) was up $1.48, or 1.8% at $80.86 a barrel

Oil prices stabalies as China economic fears counter tight US supply

Brent crude futures edged up 6 cents to $84.95 a barrel by 11:35 a.m. EDT (1535 GMT), while U.S. West Texas Intermediate crude (WTI) fell 2 cents higher to $80.97 a barrel

Over 1 mn barrels of oil removed from tanker moored off Yemen, says UN

The transfer of more than a million barrels of oil from an aging tanker moored off the coast of war-torn Yemen has been completed, avoiding an environmental disaster, the United Nations said Friday. In a statement, Farhan Haq, the deputy spokesman for U.N. Secretary-General Antonio Guterres, said the operation had prevented monumental environmental and humanitarian catastrophe. An international team began siphoning the oil from the dilapidated vessel known as SOF Safer on July 25. All of the oil is now aboard a replacement tanker called the MOST Yemen. Before the transfer, the Safer carried four times as much oil than was spilled in the 1989 Exxon Valdez disaster off Alaska, one of the world's worst ecological catastrophes, according to the U.N. International organizations and rights groups warned for years of the potential for a spill or an explosion involved the tanker, which has not been maintained and has seawater in its engine compartment and damaged pipes. It is moored 6 ...

Arabia extends cut of 1 mn barrel of oil a day through Sept, to boost price

Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. The kingdom announced the extension in a statement on the state-run Saudi Press Agency. The move was widely expected by analysts. Benchmark Brent crude traded Thursday over $80 a barrel.

Oil regulator rejects Adani Total's application for Noida city gas licence

Oil regulator PNGRB has rejected Adani Total Gas Ltd's application for a licence to retail CNG to automobiles and piped gas to household kitchens in Noida, on the outskirts of the national capital, on grounds that it does not meet criteria. The Petroleum and Natural Gas Regulatory Board (PNGRB) in an order dated July 14 said Adani Total Gas Ltd does not fulfill the requirements of law and so its application is rejected. Adani has been eyeing a city gas distribution (CGD) licence for cities adjoining the national capital for nearly two decades now. A firm can retail CNG or piped natural gas in a city only if it is authorised by the regulator or had permission from the central government prior to the regulator coming into existence. While Indraprastha Gas Ltd - the joint venture of state-owned firms - had been authorised for the National Capital Territory of Delhi, Adani has challenged IGL's claim for adjoining cities. PNGRB, which came into being in 2006, accepted city gas ...

Oil, petrol sales of state retailers decline in July amid heavy rains

Demand from the agriculture sector also gets affected in this period due to fewer irrigation-related requirements

India's fuel demand slips by 3.7% in June as monsoon restricts mobility

Consumption of fuel, a proxy for oil demand, totaled 19.31 million tonnes in June, down from 20.06 million tonnes in May, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry

Reliance Industries, bp start production from MJ field in KG block

Reliance Industries Ltd, and its partner bp Plc on Friday announced the start of regular production from MJ oil and gas field in the KG-D6 block, helping scale up India's output of clean fuel to over 100 million cubic meters a day. MJ is the third and the last set of discoveries in the KG-DWN-98/3 or KG-D6 block, off the east coast that the consortium was working on. All three sets of discoveries, with MJ being the deepest, were made more than a decade back and have been progressively put into production. Together, the three sets of discoveries at their peak production will make up for 15 per cent of India's demand, the companies said in a statement on Friday. "The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021," it said. All three developments utilise the existing hub infrastructure for the block. "Together, the three fields are expected to produce around 30 million standard

Warren Buffett's firm now owns more than 25% of Occidental Petroleum

Billionaire Warren Buffett's company keeps buying shares of Occidental Petroleum, and Berkshire Hathaway now controls more than 25 per cent of the oil producer. A new filing with the Securities and Exchange Commission shows that Berkshire bought another 2.1 million Occidental shares this week worth about USD 123 million. The latest purchases give Berkshire more than 224 million shares worth nearly USD 13 billion that have all been purchased over the past year and a half. And Buffett may not be done buying because the price of Occidental stock is still right around where he bought shares at this week even after a modest 43-cent bump Thursday morning to trade at USD 57.89. Buffett has been consistently buying the stock when it dips below USD 60. Crude prices are down 13 per cent this year and shares of Occidental are down 8 per cent. Often, other investors rush into a stock after Berkshire discloses a purchase because of Buffett's remarkably successful track record over the decades.

India to decide to buy oil in keeping within price cap: WH on Russian oil

In December last year, the United States and its allies went after Russia's all-important oil revenues after a European ban and price cap on Russian oil

Crude Oil falls as economic fears overshadow Saudi Arabia's output cut

LONDON (Reuters) -Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia's pledge to deepen output cuts.

India to allow duty free imports of sunflower, soyoil until June

Earlier this year, the world's biggest importer of vegetable oils scrapped a duty-free imports quota of 2 million tonnes of crude sunflower oil and soyoil for the this fiscal started on April 1

Delhi HC dismisses Centre's plea accusing RIL of 'unjust enrichment'

Judge Anup Jairam Bhambhani today upheld the decision and said that the case calls for 'no interference'

In its 50th year, IEA and Opec's marriage is overcome with bickering

There's a level of natural antagonism between the two bodies

State refiners post 8.4% rise in gasoil to 3.45 mn tonnes in April 1st half

Indian state refiners posted an 8.4% rise in sales of gasoil to 3.45 million tonnes in the first half of April compared with the same period last month, preliminary sales data showed