Page 7 - Oil

Asian shares start cautiously amid elevated valuations, oil skids

Australian shares slipped 0.4% while South Korea and New Zealand's benchmark index were off 0.1% each

Govt to spend Rs 1.2 trn on oil, gas exploration and refineries in FY21

State-owned oil firms plan to spend about Rs 1.2 lakh crore in the fiscal year to March 2021 on oil and gas exploration and production and refineries in a bid to boost economic activity in the nation that has been hit hard by the COVID-19 pandemic. As much as Rs 5.88 lakh crore of spending is budgeted for 8,363 projects over the next few years, an official statement said. "Out of the total anticipated cost of these projects, approximately Rs 1.20 lakh crore is targeted to be incurred as capex in FY 2020-21," it said. Oil Minister Dharmendra Pradhan reviewed all ongoing projects of oil and gas companies in a bid to turn the crisis into an opportunity by scaling up work on the projects to create employment and revive growth. "These projects of oil and gas PSUs, their joint ventures and subsidiaries include refinery projects, bio-refineries, exploration and production (E&P) projects, marketing infrastructure projects, pipelines, city gas distribution projects, drilling/survey ...

Iraq pledges to deepen oil output cuts in Aug, Sept by 400,000 barrels/day

Iraq said on Friday it would cut its oil production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months.

Abu Dhabi to merge oil services firms into $2.4-billion national champion

NMDC shares rose 14 per cent in Abu Dhabi on Sunday to 5 dirhams, their highest since March 2017, after NPCC's shareholders proposed the deal

Oil falls as virus infections rise, eyes on European Union recovery plan

Brent crude was down 24 cents, or 0.6%, at $42.90 per barrel by 0943 GMT while US West Texas Intermediate (WTI) slipped 23 cents, or 0.6%, to $40.36

Global stocks, Euro, oil get shot in the arm on hopes of Covid-19 vaccine

An experimental vaccine for Covid-19 produced by the US company Moderna provoked safe immune responses in all 45 healthy volunteers, an early-stage study showed

Oil down $2 as US crude inventories swell, Covid-19 resurgence feared

Brent crude was down $2.04, or 4.8 per cent , to $40.59 a barrel by 11:03 a.m. EDT (1503 GMT), a day after hitting its highest since prices started plunging in March

Massive fire breaks out at Baghjan oil well in Assam, over 1,000 evacuated

A company spokesperson said no casualty or injury has been reported so far

OMC earnings to take 10-27% hit as govt raises duties, bars fuel price hike

Marketing margins to be squeezed by 64%; companies did not pass on the benefits of lower global petroleum prices to consumers

Covid-19: Energy agency says 2020 worst year in history for oil demand

We may see it was the worst year in the history of global markets, said Fatih Birol, head of the IEA

Exhausting product tankage not a cause of concern yet, say oil executives

Most do not expect refinery shutdowns even if lockdown extends

Oil posts biggest one-day gains after Trump touts Saudi-Russia deal

Trump did not specify barrels per day (bpd), though the market expresses demand and supply in those terms

Oil extends losses as US Fed rate cut fails to soothe global markets

Oil prices have come under intense pressure on both demand and supply sides

Saudi Aramco reports 20.6% drop in 2019 profit over low prices, production

The energy giant posted net profits of $88.2 billion last year compared to $111.1 billion in 2018, it said in the statement to the Saudi Stock Market

Petrol prices cut by 12 paise a litre, diesel declines by 14 paise

Petrol in Delhi now costs Rs 69.75 per litre, while diesel is priced at Rs 62.44, according to a price notification of state-owned oil firms

Reliance buys an extra 2 mn bbls of Saudi oil for April loading: Report

Saudi Aramco has slashed its selling price for April and announced plans to raise output to a record 12.3 million bpd

World's 2020 oil demand growth virtually eliminated over COVID-19: OPEC

OPEC reduced the growth in world demand for oil from 990,000 barrels per day to 60,000 bpd, a 93 per cent drop

BPCL buys 2 mn bbls extra oil as Saudi cuts price, plans to hike output

BPCL's head of refineries also said his company is also exploring buying additional oil from UAE

Market Ahead, March 9: Top factors that could guide markets this week

Market participants will keenly watch the YES Bank developments especially after the Enforcement Directorate on Sunday arrested the bank's co-founder Rana Kapoor under money laundering charges

OPEC struggles to get Russian backing for oil cut amid coronavirus crisis

A panel of several ministers from OPEC, Russia and other producers failed to clinch a preliminary agreement for additional cuts, OPEC sources said