Oil News

Venezuela turns to India for oil exports as US sanctions bite

Venezuela has sent its oil minister, Manuel Quevedo, to India to convince refiners, including Reliance Industries Ltd and Nayara Energy Ltd, to double their oil purchases.

Oil prices resume fall, shed most of their gains from last session

Oil prices are down more than 30 per cent from peaks seen in October.


Oil firms on drop in US crude stocks, market awaits OPEC/Russia supply decision

Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

Oil prices fall as US grants Iran sanction waivers to eight countries

US Secretary of State Mike Pompeo, who announced the decision, did not name the eight, which he referred to as "jurisdictions," a term that might include importers such as Taiwan which the United States does not regard as a country.

Donald Trump is rerouting world's oil tankers

Oil markets are also grappling with record U.S. output, fueled by shale production, and America’s removal in late 2015 of longstanding crude-export limits.

Oil prices fall amid surprise growth in US crude stocks

The latest escalation in the tit-for-tat trade war between the US and China stoked worries over global economic growth and demand for oil. Beijing on Tuesday quickly added $60 billion of US products to its import tariff list in retaliation for Trump's planned levies on $200 billion worth of Chinese goods.


Oil rises ahead of renewed US sanctions against Iran

Many countries, including US allies in Europe as well as China and India oppose the introduction of new sanctions, but the US government said it wants as many countries as possible to stop buying Iranian oil.

ONGC pushes back KG gas production target date to end 2019; oil delayed by a year

When ONGC Board had on March 28, 2016, approved investing USD 5.07 billion in bringing to production a cluster of discoveries in Bay of Bengal block KG-DWN-98/2 or KG-D5, the first gas was targeted for June 2019.

China's oil refiners rush to cash in on bumper profits

That is creating a domestic shortage that China's independent refiners - often called teapots - are rushing to meet, while also raising their output to profit from a hike in state-controlled gasoline and diesel retail prices.

Oil eases but still near four-week highs after Saudi supply pledge

Data from the American Petroleum Institute on Tuesday showed U.S. crude stocks rose by 519,000 barrels last week, compared with analysts' expectations for a decline of 2.6 million barrels.