With Chinese oil demand turning out to be stronger than expected, crude prices will likely keep trending upward if the status quo on output is maintained.
The GSPA said that the buyer on his part will be obliged to offtake the committed gas volumes or pay for it i.e. take or pay.
Domestic crude production contracted by nearly 5 per cent in the month of November after production in the Cairn Vedanta-owned Rajasthan oil fields fell sharply.
Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price.
Dhanasekaran, a farmer from Erukkattur village near Tiruvarur taluk had cultivated samba paddy in five acres of land in the village.
India saved Rs 5,000 crore by filling strategic reserves with low-priced oil: Union Minister Dharmendra Pradhan
The average cost of procurement of crude oil was USD 19 per barrel, as compared to USD 60 a barrel prevailing during January 2020.
The oil stored in the US reserves can be used for the nation's own needs or can be traded to capture price advantage.
The sharp fall in fuel demand in India over April and May has resulted in a steep decline in its crude imports, with May recording the largest year-on-year fall since 2005 at 22.5 per cent.
Everything was well till Tuesday evening and Majumder had dinner with other members of the crew around 8 pm before retiring to his cabin.
OIL official said that a detailed plan has been drawn up with the help of Indian and foreign experts to control the flow of gas from the burning well and to cap it.
Friday’s price movements stand as an example of how vulnerable crude oil prices are to the demand situation.
On the NYMEX, the July delivery contract of WTI is currently trading at $34.33 per barrel, higher by 2.51 per cent from the previous close.
OPEC and its allies led by Russia had last month agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.
According to estimates, the pandemic has reduced demand for oil by close to a third.
The mayhem in the oil market meant that by the time crude oil is processed and converted into fuel, the rates have fallen, resulting in inventory losses.