Oil rose above $65 a barrel for the first time since mid-2015 on Tuesday as an unplanned shutdown of the UK’s biggest North Sea oil pipeline supported a market already tightened by Opec-led production cuts.
Coal India Ltd, the world’s largest coal miner, will pay its executives about Rs 800 crore ($124.08 million) in salary rises retroactive from January this year, interim chairman Gopal Singh told Reuters.
India’s annual diesel consumption could rise to 150 billion litres by 2030 from 90 billion litres now, Oil Minister Dharmendra Pradhan said on Wednesday.
Siemens plans to cut about 6,900 jobs across its businesses supplying the power generation and oil and gas industries, which have been hit by the rapid growth of renewable energy.
British solar power projects developer Lightsource Renewable Energy and Australian bank Macquarie will jointly fund the development of large solar power projects in India, the bank said on Monday.
Indian Oil Corp, the country’s top refinery, has delayed maintenance shutdown at its 300,000 barrels per day (bpd) Paradip refinery in eastern Odisha state to March-April, a company spokesman said on Friday.
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up “test” purchases of U.S. grades to diversify their imports.
Saudi Arabia has cut crude oil allocations for November by 560,000 barrels per day (bpd), an oil ministry spokesman said on Monday, in line with the kingdom’s commitment to an OPEC-led supply reduction pact.
Oil giant Saudi Aramco will open an Indian subsidiary next week, three sources said, as the top global oil exporter looks to tap rising demand and invest in the world’s third-biggest consumer.
India plans to offer stakes of up to 60 percent in oil and gas fields owned by state energy companies that are already under production to private firms, said five government and company sources with knowledge of the matter.