Petroleum NEWS

Investors purchased small volumes of petroleum last week, after exceptionally heavy sales the week before, squaring up short positions after an unusually sudden and steep pull back in prices on recession fears. Hedge funds and other money managers purchased the equivalent of 8 million barrels in the six most important petroleum futures and options contracts in the week to July 12. That came after cumulative sales of 201 million barrels over the previous four weeks, culminating in sales of 110 million in the week to July 5, according to ICE Futures Europe and the U.S. Commodity Futures Trading Commission.

India is in talks with Russia over a deal to buy oil at discounted rates, the chairman of state-run Hindustan Petroleum Corp said on Thursday, at a time when much of the West is shunning Russian crude over the conflict in Ukraine.

ONGC, Bharat Petroleum, Indian Oil, and Oil India have also held preliminary discussions among themselves to evaluate buying BP's 20% stake in Russian energy giant Rosneft.

In days to come, steps should be taken to run trains, airplanes, trucks and buses and especially factories producing chemicals and cement using an alternate energy source like hydrogen and research should be done in this field, he said.

"The Organisation of Petroleum Exporting Countries (OPEC) yesterday said with all current market dynamics at play, the global oil supply market could have as much as 240 million barrels of emergency crude oil in the next six months."

US product exports have accelerated to a record in recent weeks while crude imports have decelerated to the slowest rate for decades, according to data from the US Energy Information Agency (EIA).

Petroleum Minister Hardeep Singh Puri and Brazil’s Energy Minister discuss on cooperation between the two countries in energy, bioenergy, biofuels

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

In a proposal sent to the petroleum ministry for consultation, Niti Aayog has recommended setting up a special purpose vehicle (SPV) for exploration, which will be equally funded by the government and state-run oil and gas companies, according to people familiar with the matter.

A refinery in Saudi Arabia's capital, Riyadh, was attacked by a drone on Thursday morning but petroleum supplies were not affected, Saudi state news agency SPA reported early on Friday.

In the wake of ongoing Russian-Ukraine conflict, India is seriously contemplating releasing its Strategic petroleum reserves to minimize the impact of the recent steep rise in crude oil in the International Market that has reached its all time high since 2014.

TotalEnergies has made a discovery of light oil with associated gas in the offshore Orange Basin in Namibia following the drilling of the Venus 1-X well in block 2913B, Petroleum Exploration Licence 56 (PEL56).

The cumulative output for the April-January 2021-22 is 4.63 per cent lower than the official target for the period

A Mechanical Engineer and MBA (Finance) from Jadavpur University, Choudhury, possesses more than three decades of rich experience across various functions of oil industry.

During the drilling of the well, four hydrocarbon zones were encountered in the Dharvi Dungar (DD) formation, the company noted. Cairn Oil & Gas, a subsidiary of the Vedanta group, has announced a new oil discovery in a key exploration block in Barmer, very close to its prolific Rajasthan block RJ-ON-90/1.

India's fuel demand is likely to grow 5.5% in the next fiscal year beginning April 1, initial government estimates show.

Higher net crude oil imports are set to make the United States a net petroleum importer this year again, as in 2021, after a historic shift of being a net petroleum exporter in 2020, the U.S. Energy Information Administration (EIA) said on Friday.

Tight oil supply has also given impetus to booming energy markets, and the report from the Organization of the Petroleum Exporting Countries also showed the group undershot a pledged oil-output rise in January under its pact with allies.