Oil

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Oil - Total results - 584
Gas well in Assam's Baghjan 'killed', fire fully doused five months after blowout, says OIL
India

Gas well in Assam's Baghjan 'killed', fire fully doused five months after blowout, says OIL

The well No. 5 at Baghjan was spewing gas uncontrollably since 27 May. It caught fire on 9 June, killing two OIL firefighters.

World's insatiable appetite for plastic is driving oil producers' future growth: Carbon Tracker report
World

World's insatiable appetite for plastic is driving oil producers' future growth: Carbon Tracker report

Plastic production has increased around four percent every year since 2000 and the industry expects that rate of growth to continue, driven mainly by emerging economies.

Experts likely to to take two more months to douse fire at OIL's Baghjan well, says Assam govt
India

Experts likely to to take two more months to douse fire at OIL's Baghjan well, says Assam govt

The well no 5 at Baghjan has been spewing gas uncontrollably for the last 99 days. Two firefighters were killed when the well caught fire on 9 June

Saudi Arabia stops loan, ends oil supply to Pakistan over threats to split OIC, says report
World

Saudi Arabia stops loan, ends oil supply to Pakistan over threats to split OIC, says report

The development came after Pakistan Foreign Minister Shah Mehmood Qureshi issued a warning to the Saudi-led Organisation of Islamic Cooperation for not convening a meeting on the Kashmir issue

Three foreign experts injured in blast at Assam's Baghjan oil field; capping ops to resume tomorrow, says OIL
India

Three foreign experts injured in blast at Assam's Baghjan oil field; capping ops to resume tomorrow, says OIL

The damaged well has been spewing gas uncontrollably since a blowout was reported at on 28 May.

Crisil affirms AA-negative, A1-plus on Vedanta's debt instruments, bank facilities; operating profitability in FY21 likely to be lower
Business

Crisil affirms AA-negative, A1-plus on Vedanta's debt instruments, bank facilities; operating profitability in FY21 likely to be lower

Vedanta is expected to undertake cash preservation measures such as reduced capital expenditure (capex) and limited dividend payout in fiscal 2021.

Oil jumps as coronavirus lockdowns ease, boosting hopes for demand pickup; rising Sino-US tensions likely to cap gains
Business

Oil jumps as coronavirus lockdowns ease, boosting hopes for demand pickup; rising Sino-US tensions likely to cap gains

Amid quiet trading, with financial centres Singapore, London and New York all closed for holidays, Brent was up 6 cents, or 0.2 percent, at $35.19 a barrel.

Oil prices fall as fears of second coronavirus wave take hold, US stockpiles rise
Business

Oil prices fall as fears of second coronavirus wave take hold, US stockpiles rise

Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising

Oil prices rise after Saudi Arabia pledge to deepen production cuts in June; Brent crude up 1.3%
Business

Oil prices rise after Saudi Arabia pledge to deepen production cuts in June; Brent crude up 1.3%

Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis

Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand
Business

Saudi Aramco first-quarter profit falls 25%, below analyst estimates; hurt by lower crude oil prices as coronavirus slashed demand

Saudi Arabian state oil giant Aramco (2222.SE) on Tuesday reported a 25 percent fall in first-quarter net profit, below analyst estimates, hurt by lower crude oil prices as the coronavirus slashed demand

Rupee settles 19 paise lower at 75.73 on strong dollar, rising coronavirus cases; positive domestic equities back local unit
Business

Rupee settles 19 paise lower at 75.73 on strong dollar, rising coronavirus cases; positive domestic equities back local unit

The rupee opened at 75.55, then lost further ground and finally settled at 75.73 against the greenback, down 19 paise over its previous close.

Fuel demand hit: Petrol sales down 61%, diesel at 56.5% in April; demand expected to pick up this month
Business

Fuel demand hit: Petrol sales down 61%, diesel at 56.5% in April; demand expected to pick up this month

India's fuel consumption slumped by close to 70 per cent in April as all petroleum products except LPG saw massive demand erosion following a nationwide lockdown halted economic activity and travel

Coronavirus Pandemic: RIL chairman Mukesh Ambani to forego salary, board members to take pay cut
Business

Coronavirus Pandemic: RIL chairman Mukesh Ambani to forego salary, board members to take pay cut

Reliance Industries chairman Mukesh Ambani will forego his salary in the wake of the coronavirus pandemic that has gripped the nation and forced a lockdown in the country until 3 May

Royal Dutch Shell cuts dividend for first time since World War Two as oil demand drops due to coronavirus pandemic
Business

Royal Dutch Shell cuts dividend for first time since World War Two as oil demand drops due to coronavirus pandemic

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic

Coroanvirus Outbreak: Mideast economies take massive hit with historic oil price crash
Business

Coroanvirus Outbreak: Mideast economies take massive hit with historic oil price crash

Iraq is planning painful cuts in social benefits relied on by millions of government workers. Saudi Arabia will likely have to delay mega-projects

Coronavirus Outbreak: Reliance Industries cuts crude processing at Jamnagar SEZ refinery by 24%
Business

Coronavirus Outbreak: Reliance Industries cuts crude processing at Jamnagar SEZ refinery by 24%

Reliance Industries Ltd has cut crude oil processing at its exports-only refinery at Jamnagar in Gujarat in March by close to one-fourth as it joins public sector oil firms in cutting run-rate to align production with a coronavirus-induced slump in fuel consumption

Meghalaya govt increases taxes on auto fuel; petrol to cost Rs 74.90 per litre, diesel at Rs 67.50
Business

Meghalaya govt increases taxes on auto fuel; petrol to cost Rs 74.90 per litre, diesel at Rs 67.50

The Meghalaya government has increased taxes on petrol and diesel from Wednesday amid the nationwide lockdown and plunging crude oil prices, officials said on Wednesday

Oil hits lowest this century as coronavirus crisis hammers demand; lockdowns to cut fuel demand steeply
Business

Oil hits lowest this century as coronavirus crisis hammers demand; lockdowns to cut fuel demand steeply

The falls follow two of the wildest days in the history of oil trading, with supply looking likely to outstrip demand for months to come.

ONGC asks govt to waive cess, royalty as plummeting oil prices not enough to cover operating cost
Business

ONGC asks govt to waive cess, royalty as plummeting oil prices not enough to cover operating cost

State-owned ONGC has asked the government to waive payment of oil cess and royalty as plummeting international oil prices have meant that the rate it now gets does not even cover the operating cost, sources said