India’s planned giant refinery and petrochemical project, which is being built with Saudi Aramco and Abu Dhabi National Oil Co (ADNOC), will cost more than the originally planned $45 billion, India’s oil minister said on Tuesday.
Oil major BP (BP.L) plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region.
Oil prices edged higher on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month.
A senior Iranian official said on Saturday the United States had shown flexibility on the licensing of Iranian oil sales and this was a sign that Washington’s “maximum pressure” policy against Tehran had been defeated, state media reported.
OPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found.
Indian Oil Corp, the country’s top refiner, plans to invest 2 trillion rupees ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on Wednesday.
Asian refining margins have tumbled more than 50% since mid-July on anticipation of plummeting demand for high sulphur fuel oil (HSFO) ahead of a shift to cleaner marine fuels next year.
Mauritius has not renewed its fuel import pact with the India’s Mangalore Refinery and Petrochemicals Ltd, ending the more than a decade old deal, two sources with knowledge of the matter said this week.
Russian state oil major Rosneft has become the main trader of Venezuelan crude, shipping oil to buyers in China and India and helping Caracas offset the loss of traditional dealers who are avoiding it for fear of breaching U.S. sanctions.
Oil prices rose on Thursday following a drawdown in U.S. crude inventories, but gains in fuel inventories and persistent concerns over the global economy and future demand outlook capped gains. Brent crude futures climbed 27 cents, or 0.5%, to $60.57 a barrel by 0051 GMT on Thursday.