Democratic Republic of Congo’s oil minister on Thursday defended the country’s right to explore for oil anywhere on its territory after media reports that President Joseph Kabila approved drilling in Africa’s largest tropical rainforest reserve.
The petrol and diesel prices have been cut almost daily in last ten days on the back of falling crude oil price after it topped $71 a barrel last month.
Moving beyond conventional techniques, Oil and Natural Gas Corporation (ONGC) plans to introduce carbon dioxide injection in its Gandhar field to recover an extra 20 million barrels of crude oil under the enhanced oil recovery (EOR) programme which is being undertaken to improve India’s energy security.
The United States are set to overtake Saudi Arabia as the world’s number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said today.
Petrol prices were reduced by 21 paise and diesel prices were slashed by 28 paise , applicable from 6:00 a.m. on 12th February 2018.
Asia pushed past the rest of the world last year to become the biggest buyer of America’s crude oil — and it’s poised to do it again in 2018.
The refining capacity in the western part of the country is likely to touch 242 million tonne per annum (mtpa) almost double the capacity of 121.4 mtpa.
One of the world’s largest crude oil importers, India, has benefited from low oil prices for the better part of the past three years, enjoying a lower import bill and improving its trade balance and current accounts.
he weeks leading up to the tabling of the Union Budget were rife with speculation as to how the government would deal with the prospect of rising global crude oil prices. Would it seek to keep inflation under control in an electorally significant year, increasing subsidies or cutting taxes, thereby reducing its already constrained spending room?
Soon after Modi came to power in May 2014, crude oil prices went into a tailspin. The resultant bonanza helped buffer government finances and led to the decontrol of fuel prices.