e world’s third-biggest oil consumer, Wednesday pressed OPEC to move to responsible pricing of oil and gas saying the recent spike in rates are far detached from market fundamentals and are hurting importing nations.
It is not clear if the global energy players prime minister Narendra Modi met earlier this week will pay much heed to his plea for a review of payment terms for oil—to allow more payment in rupees to stem the currency’s fall—but it is clear the matter is a serious one.
The government Wednesday began roadshows to attract investors for building its second phase of strategic oil storage at a cost of over Rs 11,000 crore that would more than double the emergency cover against any supply disruption to 22 days.
If any proof was needed to show how fragile and vulnerable we, as a nation, are in terms of energy security, the recently-concluded India Energy Forum provided it publicly.
The global oil powerhouse Saudi Arabia plans to invest in India in the fuel retail and crude storage segments, country’s oil minister told Prime Minister Narendra Modi on Monday at an event. The Saudi Minister also assured
India hopes to forge partnerships with private players to build out its strategic petroleum reserves within the coming year, the head of Indian Strategic Petroleum Reserves Ltd (ISPRL) said on Monday.
Prime Minister Narendra Modi will Monday brainstorm with chief executives of top global and Indian oil and gas companies on emerging energy scenario, with ripples from US sanctions on Iran and volatile oil prices threatening growth.
Oil dropped on Thursday to extend big losses from the previous session as global stock markets suffered a rout, with crude prices also taking a hit from a weekly industry report showing US crude inventories had risen more than expected.
Cutting India’s Dependence On Middle-east Oil: 60% More Oil Lifted From Colombia, Ecuador To Increase Supply Too
With the India-Colombia bilateral trade $1.5 bn, India lifted oil close to $ 400 million from January to July this year– an increase of 60% in the same period of the previous year.
Despite government efforts to cut pollution and carbon emissions from oil and gas, it expected the rapid growth of emerging economies, such as India and China, to propel demand for petrochemical products
Plastics and other petrochemical products will drive global oil demand to 2050, offsetting slower consumption of motor fuel, the International Energy Agency (IEA) said on Friday.