crude oil

Crude volatile as OPEC meets to decide on output cuts

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.

published on : 5th January 2021

Reliance Industries, BP commit to pay for any shortfall in KG-D6 production to buyers

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.

published on : 3rd January 2021

India’s crude production nosedives as Rajasthan oil fields see output contract

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.

published on : 23rd December 2020

Reliance, BP to get government capped price of USD 4.06 for new gas from offshore field KG-D6

Reliance-BP in November 2019 auctioned initial gas from the R-Series field at a biddable percentage of Brent crude oil price.

published on : 20th December 2020

Crude flows into samba paddy field as ONGC pipe develops leak at Erukkattur village in TN

Dhanasekaran, a farmer from Erukkattur village near Tiruvarur taluk had cultivated samba paddy in five acres of land in the village.

published on : 23rd September 2020

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.

published on : 21st September 2020

India to store crude oil in US strategic petroleum reserves

The oil stored in the US reserves can be used for the nation's own needs or can be traded to capture price advantage.

published on : 19th July 2020

Lockdown sees India’s crude oil imports crash to lowest since 2015 in May at 22.5 per cent

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.

published on : 21st June 2020

Indian mariner goes missing from vessel on high seas

Everything was well till Tuesday evening and Majumder had dinner with other members of the crew around 8 pm before retiring to his cabin.

published on : 20th June 2020

Over 7,600 MT crude oil production lost to Assam blockades: OIL

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.

published on : 20th June 2020

Lockdown relaxations help crude oil recover, but its not out of the woods

Friday’s price movements stand as an example of how vulnerable crude oil prices are to the demand situation.

published on : 23rd May 2020

Crude prices continue to rise, Brent above USD 36 per barrel

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.

published on : 21st May 2020

Oil prices recover on demand revival signs, Brent at USD 33 per barrel

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.

published on : 18th May 2020

Nervousness back in oil market amid fears of negative prices

According to estimates, the pandemic has reduced demand for oil by close to a third.

published on : 29th April 2020

Oil refiners stare at Rs 25,000 crore inventory loss: Crisil ratings

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.

published on : 23rd April 2020
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