No oil spill has been reported from the diesel-laden merchant navy tanker that caught fire yesterday off the Gujarat coast, an official said today.
The Government will on Thursday put on auction 55 exploration blocks in the first bid round in eight years that will offer a record area for prospecting of oil and gas.
Fuel pricing reforms appear to be sputtering as state-run fuel retailers are moderating their daily upward revision in pump prices on verbal nudge from the oil ministry as global crude markets remain on fire.
Oil hovered below a three-year high near $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of “red flags” due to surging U.S. production.
India’s retail inflation accelerated more than estimated to a 17-month high and little respite is seen in the coming months amid a surge in oil prices, increasing the odds that borrowing costs will rise sooner than expected.
Gulf OPEC producers plan to keep their oil output in the first quarter of 2018 below the year-earlier level despite strong demand growth and a decline in global inventories, a senior OPEC source familiar with Gulf oil thinking said on Friday.
Oil regulator PNGRB will this month offer for bidding CNG retailing licences in 100 cities on revised terms, Petroleum Minister Dharmendra Pradhan said today.
Oil topped $70 a barrel in London for the first time in three years, as production cuts by Organization of Petroleum Exporting Countries (Opec) and rising demand whittle away a global surplus.
Shares of oil exploration, equipment and services companies were trading higher on the bourses by up to 9% in otherwise subdued market on higher crude oil prices.
Chinese authorities battling to prevent an environmental disaster after a collision between an Iranian tanker and a cargo ship said Wednesday no major oil spill has been detected, but 31 sailors remained missing.