Oil shortage or surplus? Floating storage swamps Europe

Oil shortage or surplus? Floating storage swamps Europe

OPEC is considering whether or not to raise its oil production to prevent the global market from becoming too squeezed, but there is one part of the world that is telling a very different story about the balance between supply and demand.

India BPCL Seeks Extra Iran Oil Amid Sanctions Threat

India BPCL Seeks Extra Iran Oil Amid Sanctions Threat

Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.

Nepal Says To Scrap Hydropower Deal With Chinese Firm

Nepal Says To Scrap Hydropower Deal With Chinese Firm

Nepal’s government said on Tuesday it will build a 750 megawatt hydroelectric plant that was earlier cleared to be developed by China’s state-owned Three Gorges International Corp, in a surprise announcement made while laying out the annual budget.

Oil prices fall as Russia warns of gradual output increase

Oil prices fall as Russia warns of gradual output increase

Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017. Brent crude futures LCOc1 were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17.

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