India’s government plans to propose banning burning petroleum coke as a fuel nationwide to comply with a Supreme Court request as part of a long-running case to clean the country’s air, two government sources said on Friday.
Retail petroleum dealers have complained of receiving lower quantity of fuel from oil tankers which they say has risen sharply in step with surging fuel prices.
Given that India is heavily and increasingly dependent on petroleum imports, bidding under the inaugural open acreage licensing policy for oil exploration and production is notable.
OPEC oil outputfell in April to a one-year low due to declining production in Venezuela and lower shipments from African producers, a Reuters survey found, sending compliance with a supply-cutting deal to another record.
Petroleum and natural gas minister Dharmendra Pradhan said on Friday the rise in prices of petrol and diesel products in the country is due to international situation and the accompanying sudden increase in crude oil prices caused by disturbances in the Middle East.
Work is at full swing to complete Nepal-India cross border petroleum pipeline project from Motihari to Amlekhgunj.
Low oil pricesmore than offset the negative impact of ballooning imports on India’s macro-economic indicators – trade and current account deficits as well as inflation.
The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output, with a side helping of Chinese imports driving demand.
Italian oil company Eni said on Sunday it would sell a 10 percent stake in the Shorouk concession in the Zhor field in Egypt, to Mubadala Petroleum for $934 million.
A recent International Energy Agency report has said the US will account for most of the world’s growth in oil supply in coming years.