India’s top explorer Oil and Natural Gas Corp. Ltd (ONGC) has awarded its first mini-term tender to sell Brazil’s heavy crude oil Ostra in June-November to Shell, three people familiar with the matter said.
The global oil market may soon see new price records as a result of the US policy of unilateral sanctions, Chief Executive Officer of Russia’s top oil producer Rosneft Igor Sechin said on Friday.
Petrol prices were hiked by 36 paise and diesel prices were hiked by 22 paise, applicable from 6:00 a.m. on 25th May 2018.
It is no secret that India is on the verge of facing a fuel crisis as global crude oil prices continue to fluctuate on a daily basis. Petrol and diesel prices have increased for the past 12 days and aviation turbine fuel prices have also increased. The government has promised to come up with both long term and short term solutions to put an end to India’s oil woes.
The rise in oil prices to $80 a barrel is starting to cause concern across boardrooms, with some big industrial consumers, including airlines and shipping companies, starting to buy more insurance against rising energy prices.
Coal miner and power generation group NLC India Ltd (BOM:513683) has commissioned 300 MW of grid-connected solar photovoltaic (PV) parks in the state of Tamil Nadu.
Fueled by a rapid rollout of coal-fired power generation, India is expected to have Asia’s second-largest power capacity at 363.32 gigawatts in 2018, overtaking Japan, according to data compiled by BMI Research.
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.
The Karnataka High Court has issued an interim stay on the state electricity regulatory commission’s May 14 order that imposed transmission and wheeling charges retrospectively on renewable energy developers.
China’s energy regulator has ordered local authorities to take heed of the grid capacity when selecting new wind power projects, in an attempt to ensure that no more than 5 percent of the electricity they generate is wasted, it said in a notice.