OIL PRODUCTION

Brent crude futures fell 29 cents (0.3%) to $87.05 a barrel, and U.S. West Texas Intermediate (WTI) crude futures dropped 40 cents (0.5%) to $83.48 amid thin trading due to the U.S. Independence Day holiday. In the previous session, Brent rose 1.3% ...

The Indian government has increased the windfall tax on petroleum crude to Rs 6,000 per metric ton from Rs 3,250, effective July 2, as stated in a notification issued on Monday. This tax is reviewed every two weeks. In July 2022, India began taxing ...

Oil prices rose on supply deficit forecasts and OPEC+ cuts amid global economic challenges. Traders are cautious about rising non-OPEC+ output. Monitoring includes China's oil demand, the Atlantic hurricane season, and the impact of Hurricane Beryl.

In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship...

India plans to produce bio-bitumen from biomass to reduce imports and tackle stubble burning issues in road construction.

Ethanol blending in petrol exceeded 15% in May, driven by increased purchases from biofuel makers. Oil companies achieved an average blending ratio of 15.4%, surpassing April's 12.7%. State-run oil marketing companies blended about 670 million litre...

India reduced the windfall tax on petroleum crude to 3,250 Indian rupees per metric ton from 5,200 rupees on June 15. The tax for diesel and aviation turbine fuel remained at zero. The tax is revised every fortnight and the recent adjustment was mad...

Reliance Industries has opposed annual escalation in petroleum products pipeline tariff, preferring it to be linked to railway freight rates instead. Stakeholder meeting hosted by PNGRB saw discussions with major players like Indian Oil, Hindustan P...

India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run...

OPEC+ has announced an extension of its substantial oil production cuts into 2025, aiming to stabilise the market amid sluggish demand growth, elevated interest rates, and increasing U.S. oil production. The group will maintain its current reduction...

The OPEC+ cartel appears to be shifting away from its pursuit of $100-a-barrel oil, announcing a deal to gradually increase production through 2025. This move could lower oil prices and ease global inflation, impacting market dynamics and Saudi Arab...

OPEC+ agrees to extend deep oil output cuts into 2024 and considers further extension into 2025 to stabilize the market amidst weak global demand growth and high U.S. production, with oil prices near $80 per barrel.

The Ministry of Oil lowered domestic natural gas price to USD 8.44 per mmBtu for June 2024, following a new pricing mechanism. This adjustment aims to stabilize the market and meet energy targets, benefiting consumers and producers alike.

DSF was launched in 2016 and since then three rounds have been held. In the first round, 67 discovered oil and gas fields that were clubbed into 46 contract areas were awarded. These fields had an inplace resource potential of 45 million tonnes of o...

S&P Global Ratings stated that increased investments by Oil and Natural Gas Corp (ONGC) will slow its deleveraging over the next 12-24 months, affecting its 'bbb+' standalone credit profile. Despite a 2-3% drop in domestic production and lower reali...

Oil India Limited (OIL) and Numaligarh Refinery Limited (NRL) signed a new long-term Definitive Agreement for transporting additional petroleum products through OIL’s Numaligarh-Siliguri Product Pipeline (NSPL). Effective for 25 years from the comme...

India's ethanol production capacity was about 13.80 billion litres per year in November 2023, of which 8.75 billion litres were molasses-based and about 5.05 billion litres grain-based, according to government data. The production capacity was about...

The Centre extended the deadline for submitting bids in the latest auctions of oil and gas exploration licences managed by the Directorate General of Hydrocarbons (DGH). Multiple deadline extensions in recent bidding rounds aim to attract more inves...

Dorf Ketal Chemicals India acquires Impact Fluid Solutions to enhance HSE performance and sustainable global growth, with support from advisors like EY India and Piper Sandler.