Upcoming sanctions on Russian oil are set to be “really disruptive” for energy markets if European nations fail to set a cap on prices, analysts warned. The 27 countries of the European Union agreed in June to ban the purchase of crude oil from Dec. 5. In practical terms, the EU — together with the […]Continue Reading... No Comments.
Indian Oil Corporation (IOCL), India’s largest oil marketing company, is planning to set up a new company to house its alternative energy businesses, according to sources aware of the development. IOCL is already present and has ambitious expansion plans in biofuel, biogas, green hydrogen, EV mobility and EV batteries, among others. It is venturing into […]Continue Reading... No Comments.
The Kirit Parikh committee, the government-appointed panel to review the gas pricing formula, on Wednesday recommended a floor of $4 for legacy gas fields and suggested that a cap of $6.50/mmBtu be put on gas prices sold by ONGC and Oil India. While the ceiling price recommended in the report submitted to the Oil Ministry […]Continue Reading... No Comments.
Oil prices could sink if OPEC+ acts in line with market expectations and agrees to keep production quotas stable for another month, some analysts told Reuters. The OPEC+ group meets on Sunday—although this meeting was recently determined to be a virtual one. The virtual nature of the meeting has signaled to some that the group […]Continue Reading... No Comments.
Investment in the upstream oil and gas industry in Russia could decline by $15 billion this year as a result of Western sanctions, Rystad Energy has calculated, saying the total for the year could end up around $35 billion. The analytical firm noted that Russian upstream investments stood at $45 billion last year, increasing from […]Continue Reading... No Comments.
The planned price cap on Russian oil is an anti-market measure that will have devastating effects on all and could significantly complicate the situation on the global markets, Maria Zakharova, spokeswoman for Russia’s Foreign Ministry, said on Wednesday. “We have repeatedly said that the introduction of the so-called ceiling on Russian oil prices is not […]Continue Reading... No Comments.
Essar Oil UK Limited has announced its plan to build a 360 million-pound major new carbon capture plant at its Stanlow refinery in line with its ambition to become a leading low-carbon refinery by 2030. Essar is investing over 1 billion pounds into a range of energy efficiency, fuel-switching, and carbon capture initiatives, designed to […]Continue Reading... No Comments.
Oil and Natural Gas Corporation (ONGC) has received approval from Russia to retain a 20 percent stake in the Sakhalin-1 oil and gas fields in the far east region of the country, said Rajarshi Gupta, Managing Director of ONGC Videsh. “We have received the approval and are back with a 20 percent stake in Russia’s […]Continue Reading... No Comments.
Due to the fall in the price of crude oil, the rates of petrol and diesel in the country may drop by up to Rs 14, according to the various reports. Crude oil prices in the international market are at a low level since January. Meanwhile, amid dip in the price of crude oil in […]Continue Reading... No Comments.
Earlier this week, oil prices plunged to 2022 lows as energy markets panicked about demand amid COVID chaos in China that has resulted in an unexpected and extraordinary manifestation of street protests and even calls for Chinese President Xi Jinping to step down. The market’s response to this, according to Rystad Energy, was an overreaction. […]Continue Reading... No Comments.