Oil prices rose on Monday, but gains were minimal as investors gauged whether an increase in US drilling and record stockpiles would undermine efforts by producers to cut output and bring the market into balance
Lower oil prices and the scrapping of fuel subsidies have allowed India’s biggest energy companies to slash borrowings to the lowest in at least eight years.
Oil prices edged up on Friday, lifted by a report that producer club Opec could extend an output cut aimed at reining in a global fuel supply overhang.
India’s economy and fiscal maths is sensitive to the fluctuations in global oil prices as the country imports 80% of its oil requirements. Creation of two new strategic crude oil storages that has been announced in the budget recently is a step that will eventually insulate India from the impact of high oil prices in times of any global crisis.
The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 54.49 per barrel (bbl) on 15.02.2017
After unprecedented optimism that the Organization of Petroleum Exporting Countries will manage to ease a global supply glut
My, hasn’t he proven to be a bull in a China shop.A ban here, an order there. America has its head spinning. But one thing he hasn’t done is revoke the US-Iran nuclear deal.
Oil prices were stable on Friday, supported by strong Chinese crude imports and OPEC-led production cuts, although ample US fuel inventories weighed on the market.
Dinesh K Sarraf, Chairman of the Oil and Natural Gas Corporation (ONGC), said on Thursday that while the state-run firm would continue to invest in gas exploration, it was getting increasingly difficult owing to the “tough” pricing scenario.
Oil steadied on Tuesday after falls the previous session, with markets torn between mixed price indicators that have kept crude range-bound for much of the year
In an exclusive chat with ET Now, DK Sarraf, Chairman, ONGC, says that size really matters in oil business when asked about Finance Minister’s plan of one large oil behemoth