fetching latest news

News tagged in:  

Petroleum NEWS

Column: Oil positions steady after heavy hedge fund selling ends
July 19, 2022
Source: Reuters

Column: Oil positions steady after heavy hedge fund selling ends

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.

Government in talks with Russian over cut-price oil deal: HPCL
May 20, 2022
Source: TOI

Government in talks with Russian over cut-price oil deal: HPCL

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 weighs raising stakes in Russian oil despite Shell snub
May 19, 2022
Source: Economic Times

ONGC weighs raising stakes in Russian oil despite Shell snub

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.

MP: Gadkari stresses on use of hydrogen fuel to reduce dependency on imported petroleum products
May 6, 2022
Source: Energy World

MP: Gadkari stresses on use of hydrogen fuel to reduce dependency on imported petroleum products

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.

OPEC Forecasts 240m Barrels Emergency Stock by October
May 5, 2022
Source: This Daylive

OPEC Forecasts 240m Barrels Emergency Stock by October

"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."

OPINION: US petroleum fills the gap left by Russia exports: Kemp
May 2, 2022
Source: Energy World

OPINION: US petroleum fills the gap left by Russia exports: Kemp

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).

India interested in sourcing crude oil from Brazil under special long term contracts
April 22, 2022
Source: Business Line

India interested in sourcing crude oil from Brazil under special long term contracts

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

OPEC cuts 2022 world oil demand forecast due to Ukraine conflict
April 13, 2022
Source: Energy World

OPEC cuts 2022 world oil demand forecast due to Ukraine conflict

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.

Oil hunt: Niti Aayog moots Indian funding, foreign expertise
March 31, 2022
Source: Energy World

Oil hunt: Niti Aayog moots Indian funding, foreign expertise

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.

Riyadh Oil Refinery Attacked by Drone, Supplies Unaffected
March 11, 2022
Source: Asharq Al-Awsat

Riyadh Oil Refinery Attacked by Drone, Supplies Unaffected

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.

India contemplating to release its petroleum reserve amid Russia-Ukraine conflict
Feb. 28, 2022
Source: The Statesman

India contemplating to release its petroleum reserve amid Russia-Ukraine conflict

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 makes light oil discovery in offshore Orange Basin, Namibia
Feb. 25, 2022
Source: NS Energy

TotalEnergies makes light oil discovery in offshore Orange Basin, Namibia

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).

India's oil production drops 2.4% in January
Feb. 24, 2022
Source: Energy World

India's oil production drops 2.4% in January

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

Sujoy Choudhury is new Director (BD), Indian Oil Corporation
Feb. 24, 2022
Source: Energy World

Sujoy Choudhury is new Director (BD), Indian Oil Corporation

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

Cairn uncovers new oil discovery near prolific Rajasthan block
Feb. 23, 2022
Source: Upstream

Cairn uncovers new oil discovery near prolific Rajasthan block

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 expects fuel demand to grow 5.5% in next fiscal year
Feb. 23, 2022
Source: Energy World

India expects fuel demand to grow 5.5% in next fiscal year

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

The U.S. Will Be A Net Oil Importer In 2022
Feb. 19, 2022
Source: Oil Price

The U.S. Will Be A Net Oil Importer In 2022

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.

OPEC sees upside to 2022 oil demand forecast on strong pandemic recovery
Feb. 11, 2022
Source: Energy World

OPEC sees upside to 2022 oil demand forecast on strong pandemic recovery

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.

Please Login to Save News for Later