India is expected to see entry of several international oil majors in the short-to-medium term, with more state-owned and private sector companies are said to be drawing up plans to divest stakes in their refinery & petrochemical and fuel retail businesses, industry analysts have said.
Oil prices rose on Friday, supported by expectations of more production cuts by OPEC amid fears the US-China trade row could lead to a global slowdown, curbing demand for crude. International benchmark Brent crude futures, were at $57.61 a barrel by 0009 GMT, up 23 cents, or 0.4%, from their previous settlement.
Iranian oil exports have dropped in July to as low as 100,000 barrels per day (bpd) due to sanctions and rising tension with the United States and Britain, according to an industry source and tanker data, deepening global supply losses.
Brent oil ticked higher on Friday, supported by tensions over Iran and the decision by OPEC and its allies to extend a supply cut deal until next year, while US benchmark crude prices fell on weak economic indicator
India’s oil imports from Saudi Arabia have jumped by 32 percent after US sanctions against Iran came into effect, making Riyadh the second-largest crude supplier to the South Asian republic.
Abu Dhabi National Oil Company (Adnoc) announced on Tuesday that it has signed another significant long-term sales agreement with Indian Oil Corporation for its base oil, ADbase.
Anglo-Dutch energy major Shell has signed a deal with Cleantech Solar, a leading provider of renewable energy to corporations in India and Southeast Asia, to acquire 49 percent equity in the company.
India’s passenger trains are notorious for being rickety and spartan, but the government is hoping to change all that with a new “luxury” service.