Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.
Petrol prices were slashed by 8 paise today after the rates were unchanged for the last two days. Petrol will now cost Rs 76.35 a litre in Delhi, down from Rs 76.43, showed the data on Indian Oil’s website.
India will seek US exemptions to buy Iranian oil and work towards setting up an alternative payment mechanism to protect its trade with the Islamic Republic in the wake of US sanctions against Tehran, according to officials familiar with the matter.
After declining for a fortnight, petrol and diesel prices have hit a pause button with rates remaining unchanged for the second consecutive day today.
India today voiced its concern over high international oil prices with oil producers cartel OPEC and nudged it to move to responsible pricing that balances interests of both producers and consumers.
BP does not yet foresee a shortfall in oil supplies in the coming years due to a fall in investments across the sector, the company’s Chief Financial Officer Brian Gilvary said on Thursday.
India on Thursday reiterated its call to end the Asian Premium on oil being charged by OPEC producers and said prices have risen beyond the threshold that can be sustained by the world.
At a time when the public is feeling the pinch of rising petrol and diesel prices, people in Maharashtra got a surprise when a cut of Rs 4 to 9 per litre was announced on Thursday.
Ruia-owned Essar Oil and Gas Exploration and Production Ltd (EOGPL) is planning to more than double Coal Bed Methane (CBM) production from its flagship Raniganj East block to 2.3 Million Standard Cubic Meter per day (mmscmd) from the current 1 mmscmd, a senior company executive said.
Indian engineering and construction major Larsen & Toubro (L&T) said one of its key subisidiaries, L&T Hydrocarbon Engineering (LTHE) has been ranked second in the Oil and Gas Magazine Middle East’s Top 30 EPC (engineering, procurement and construction) contractors list for 2018.