The next president said he would impose tariffs on European imports unless the EU sharply increased its purchases of US gas and oil. The president has already promised to increase import duties on China, the country with the largest US trade deficit. To support US manufacturing, he has also imposed new tariffs on allies such…
The oil and gas industry has demonstrated remarkable growth and endurance during the previous three years. Between October 2021 and October 2024, the NSE 200 gained 46%, while the Nifty Oil & Gas index returned 47%. Several government initiatives to increase production and strengthen the economy have benefited the upstream oil and gas industry. Oil-linked…
Oil prices were little changed on Tuesday. Because oil production is expected to suffer due to strong supply prospects and rising tensions in the Middle East. Brent crude futures for December delivery were up 7 cents, or 0.1%, at $71.77 a barrel. West Texas Intermediate crude futures for November delivery were up 8 cents, or…
In a note released on Friday, OPEC+ revised its forecast for oil production, expecting output for the three months starting in December to rise from October. OPEC+ announced on Thursday that it has decided to postpone a planned increase in oil production until October and November, following crude prices that hit a nine-month low. If…
Early on Wednesday in Asian trading, oil prices began to decline as traders withdrew some of their capital following two sessions in which benchmarks surged to multi-month highs, dampening investor demand due to a stronger dollar. May delivery of Brent oil futures dropped 19 cents, or 0.2%, to $87.19 per barrel. The April delivery of…
During the first nine months of 2023–2024, India’s oil meal exports increased by 24% thanks to a spike in soy meal exports. According to data gathered by the Solvent Extractors’ Association of India (SEA), India exported 34.96 lakh tones (lt) of oil meals between April and December of 2023–24, up from 28.16 lakh tones during…
In order to reach net zero emissions by 2040, Oil India Ltd. (OIL) chairman and managing director Ranjit Rath announced on Thursday that the state-owned corporation wants to invest Rs.25,000 crore in renewable energy. The corporation has made the decision to invest in projects to end flaring as well as green hydrogen, solar, geothermal energy,…
Arun Kumar Singh, the chairman of Oil and Natural Gas Corporation (ONGC), stated on Monday that the business expects to invest approximately Rs 1 trillion in renewable energy by 2030 in order to reach net zero by 2038. At a news conference after the financial results on Friday, Singh stated, “We have been working on…
In order to replace a reticent IndianOil (IOC) for the potential purchase of a 50% stake in Tullow Oil Plc’s USD 3.4 billion oilfield project in Kenya, India’s leading international oil company ONGC Videsh has found a new partner in Oil India Ltd. However, the aggressive Chinese energy giant Sinopec has entered the fight and…
The world’s oil demand is expected to climb by more than expected in 2023, according to OPEC, which boosted its prediction in its first upward revision in months. The organization cited China’s relaxation of COVID-19 limitations and slightly better expectations for the global economy. The Organization of the Petroleum Exporting Countries (OPEC) predicted on Tuesday…
