Traders are temporarily storing liquefied natural gas (LNG) on tankers as they bet for a rise in winter demand to boost prices. This, combined with U.S. sanctions on COSCO-linked ships, have doubled spot LNG freight rates in the past month and is causing a shortage in availability of vessels, several industry sources said.
Centre’s reported move to privatize the Numaligarh Refinery Limited (NRL) was opposed at the Parliamentary Standing Committee meeting on Friday. Raising the issue at the parliament standing committee meeting, Congress MP Pradyut Bordoloi said that the move will push the State on the brink of turmoil.
Ahead of Maharashtra and Haryana Assembly election, on Saturday state-run oil retailers have not changed the price of petrol for the fourth consecutive day. But the diesel price fell by 8 paise per litre across India.
Security agencies are uncomfortable with the Centre’s plan to sell BPCL to private entities as the company controls the Assam-based Numaligarh refinery, which is located in a sensitive and restive area.
Oil prices rose slightly on Friday as concern over an economic slowdown in China, the world’s biggest oil consumer, was countered by bullish signals from both the Chinese and US refining sectors. Erasing earlier losses, global benchmark Brent crude oil futures rose 10 cents to $60.01 a barrel by 0927 GMT.
Oil prices rose slightly on Friday as concern over an economic slowdown in China, the world’s biggest oil consumer, was countered by bullish signals from both the Chinese and US refining sectors. Erasing earlier losses, global benchmark Brent crude oil futures rose 10 cents to $60.01 a barrel by 0927 GMT.
OPEC Secretary General Mohammed Barkindo defended the oil industry asserting the world needs to combat both climate change and energy poverty together. This comes amid strengthening of the global narrative over energy transition and emissions.
A project with innovative financing plan has been launched at Karnal in Haryana, 100 Kms from Delhi, to help the National Capital breathe easy by turning 40,000 tonnes of paddy straw a year from 20,000 acres of farm land into bio-gas that can be used for running tractors and farm equipment at 40% lesser cost than diesel.
Reliance Industries, chairman Mukesh Ambani on Friday announced setting up of national distribution centres in Madhya Pradesh with over 10 million square feet space across 45 locations.
Economic uncertainty and a bearish oil demand outlook continue to offset heightened geopolitical risks and keep a lid on oil prices. S&P Global Platts Analytics, however, believes that prices are far from where fundamentals suggest, weighed down by bearish sentiment around the health of the global economy.
