Oil Production

Oil producers have urged the government to declare Rajasthan as a mustard state as it accounts for 40-45 per cent of the country's production of the oilseed, an industry official said on Saturday. The president of Mustard Oil Producers Association of India (MOPA), Babu Lal Data told reporters here that the body under the aegis of the Central Organization for Oil Industry and Trade (COOIT) is organising a seminar here to discuss various issues of the edible oil industry. "We have been repeatedly urging the government to declare Rajasthan as a mustard state. About 40-45 per cent of the country's mustard output is contributed by Rajasthan. It is such a crop which requires the least amount of water for growth," Data said. The 43rd edition of the two-day All India Rabi Oilseeds seminar began in Jaipur on Saturday.

Brent crude futures lost 20 cents to $85.38 per barrel by 0111 GMT, while US West Texas Intermediate (WTI) crude futures shed 19 cents to $78.87

France's TotalEnergies SE doubled its profits in 2022, joining other international oil and gas companies in fattening their bottom lines as high energy prices surged after Russia's invasion of Ukraine. Adjusted net income rose to USD 36.2 billion, up from USD 18.1 billion in 2021, the company said Wednesday. Earnings benefited from robust refinery use that let the company capture high profits for turning crude into other fuel products. The figures looked different under international accounting rules that included write-offs on Total's assets in Russia, where doing business has been severely complicated by Western sanctions over the war. Under IFRS accounting standards, net profit was USD 20.5 billion, lower than the adjusted profit figure because it included USD 15 billion in write-offs on its Russian businesses. Big oil company profits have led to calls for governments to tax more of those gains as households and businesses face higher utility bills. Energy giants Shell, BP and

The main message from the OPEC+ panel that met last Wednesday was that the group would stay the course until the end of the agreement in 2023

India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said. Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh told PTI in an interview here. ONGC, which contributes around 71 per cent to India's domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing. It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used

The Asian nation's importance is expected to expand after fresh European Union sanctions on Russian petroleum exports take effect Sunday

The faster-than-anticipated industry growth means India's gasoline consumption will peak sooner than previously thought, some analysts and industry participants say

Brent futures for March delivery gained 26 cents, or 0.3%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain

Brent crude futures had risen 16 cents, or 0.2%, to $84.62 by 0414 GMT, recouping some of the 1% loss of the previous session

Brent crude rose 50 cents, or 0.6%, to $83.17 per barrel by 0135 GMT, while U.S. West Texas Intermediate crude also rose 50 cents, or 0.7%, to $77.91 per barrel

Global oil inventories will increase over the next two years with more global oil production than consumption, the US Energy Information Administration (EIA) has forecast

The government in Ankara is insisting the ships have a letter from their insurer guaranteeing cover while in Turkish waters -- something that's yet to happen

The Kirit Parikh Committee, which recommended a floor and ceiling price for natural gas produced from legacy fields of state-owned producers to moderate input price for CNG and fertilizer, has favoured paying ONGC and OIL a premium of 20 per cent over such price for any new gas production they add from old fields. The panel, which submitted its report to the oil ministry last week, has recommended benchmarking price of natural gas produced from ONGC and OIL's legacy or old fields, called APM gas, at 10 per cent of cost of crude oil imported into India, according to a copy of the report seen by PTI. This rate would however be subject to a ceiling or cap price of USD 6.5 per million British thermal unit, until a full deregulation of prices is implemented in 2027. There would also be a floor of USD 4 with a view to cover for cost of production and at the same time keeping cost for fertilizer, power and CNG, which use gas as input raw material, at manageable levels. The basket of crude

Lavrov said the cap was irrelevant, the strongest hint yet of a possible softening. With such a generous cap, buyers and sellers can easily claim it's just business as usual

India will be unable to use Western tankers and insurance if it refuses to adhere to price cap

Entities whose FY22 crude oil output was less than 2 mn barrels exempted from windfall tax already

The latest global climate summit has failed to even mention the reduction of fossil fuel usage, a key demand from India, in the final agreement text at Egypt

The move of the OPEC and its allies to cut oil production is a "mistake" and a "short-sighted" decision that has favoured the Russians and the US is going to re-evaluate its ties with Saudi Arabia, the White House has said. Members of the Organisation of the Petroleum Exporting Countries (OPEC) and their Russia-led allies earlier this month agreed on a major cut in oil production, amidst a downward trend in prices. The 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce two million barrels per day from November at a meeting in Vienna. It is the biggest cut since the height of the COVID-19 pandemic in 2020. The decisions that OPEC+ made last week, we believe, sided with the Russians and were against the interests of the American people and the families around the world, White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday. We believe that the decision is going to hurt and harm lower-income economies. It was misguided

Indian petroleum industry is at the cusp of opportunity and will be able to produce 25 per cent of its crude oil demand by 2030, Union Petroleum and Urban Affairs Minister Hardeep Singh Puri said.

Strikes in France's major refineries continued, leading fears over fuel shortage across the country