Brent crude prices dropped to a three-month low on 14 March to $51 a barrel (see chart). That’s despite Opec’s (Organization of the Petroleum Exporting Countries) efforts to cut production and stabilize the market.
Suncor Energy has sold a cargo of offshore Canadian crude from its Hibernia field to Indian Oil Corp , a Suncor spokeswoman said on Wednesday.
The Street felt that India’s largest gas marketing company may suffer losses as the price of gas it sourced was linked to the US natural gas price
In the past fortnight, WTI and Brent oil prices declined by around 8.5 and 10 per cent, respectively, while on the MCX prices declined by around 10 per cent in the same time frame.
The Cabinet Committee on Economic Affairs (CCEA) today allowed companies producing coal bed methane (CBM) to sell gas to its own affiliates, by giving marketing and pricing freedom for CBM.
Cabinet approves Policy for Early Monetization of Coal Bed Methane Gas Marketing and Pricing Freedom for CBM Gas
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi todaygave its approval for marketing and pricing freedom to the Coal Bed Methane
The Cabinet today approved sale of state-owned Indian Oil Corp’s (IOC) 24 per cent stake in Lubrizol India Pvt Ltd to Lubrizol Corporation, USA for an undisclosed sum.
The government will launch the second round of small oilfield auction in 2017-18, and introduce a policy to incentivise production from ageing fields in a bid to raise oil and gas output declining for the past few years, the oil minister has said.
India has perhaps for the first time imported petrol and diesel from China as the world’s third largest oil consumer looks at diversifying its sources of fuel.
State-owned oil major ONGC has said the preliminary discussion for its acquisition of India’s third-biggest fuel retailer HPCL has started and is going on at the ministerial level.