Oil prices may hit new records: Rosneft CEO

Oil prices may hit new records: Rosneft CEO

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.

How Saudi Arabia is triggering India’s oil woes

How Saudi Arabia is triggering India’s oil woes

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.

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.

China to tackle wasted energy in new wind farm rules

China to tackle wasted energy in new wind farm rules

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.