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US Secretary of State Mike Pompeo is blaming Iran for drone attacks Saturday against Saudi Arabia's oil infrastructure. (Photo: File)

US claims Iran responsible for attacks on Saudi Arabia’s oil factories

Pompeo says the US calls on all nations to 'condemn Iran's attacks.'

15 Sep 2019 9:21 AM

Asia shares edge up as stimulus hopes temper recession worries

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.53 per cent, while Japan’s Nikkei rose 0.54 per cent.

20 Aug 2019 12:13 PM

US West Texas Intermediate (WTI) CLc1 futures were USD 54.81 per barrel, down 12 cents, or 0.2 per cent.

Oil prices edge down as traders weigh slowing demand against supply curbs

Brent crude futures LCOc1 were down 11 cents or 0.2 per cent, from the previous settlement.

13 Aug 2019 8:37 AM

Despite lower oil prices during the first half of 2019, we continued to deliver solid earnings and strong free cash flow, Aramco CEO Amin Nasser was quoted as saying in the statement.

Saudi Aramco says H1 2019 net income slips to USD 46.9 billion

The fall in income comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing.

12 Aug 2019 1:40 PM

Jamnagar shall be the refinery icon of the world with best-in-class performance, the company said in its latest annual report outlining its vision.

Reliance to produce only jet fuel, petrochemicals at Jamnagar after oil-to-chemical strategy

The company is preparing its Jamnagar complex to be future ready as fuel demand undergoes change.

11 Aug 2019 12:07 PM

Commerce and Industry Minister Piyush Goyal's visit is a precursor to the visit of the Prime Minister Narendra Modi to Vladivostok in early September for the Eastern Economic Forum, where he will be the chief guest. (Photo: File)

Piyush Goyal to lead delegation of five CMs, business leaders to Vladivostok

The commerce minister's visit would see major announcements on collaborative projects with Russia.

09 Aug 2019 8:09 PM

International oil companies have stayed away from the three auction rounds held during the last three years that awarded exploration areas to companies that offered the biggest share of the revenue from oil and gas produced. (Photo: Representational)

India's overhauled oil policy unlikely to be a game-changer: Wood Mackenzie

Union Cabinet in February had approved a policy for awarding acreage, based primarily on exploration work commitment.

17 Jul 2019 2:55 PM

After the Motera field was discovered in Ahmedabad, ONGC was wary of encroachment around the oil wells in a city that was developing into a megapolis. So it built a golf course around the wells to ward off encroachers, sources said.

Govt wants ONGC to sell golf course in Ahmedabad that has oil wells

The golf course identified by DIPAM has two producing oil wells, sources said.

14 Jul 2019 12:46 PM

Industry and government data for release later on Tuesday and on Wednesday is expected to show that US crude stockpiles fell for a fourth consecutive week, dropping 3.6 million barrels.

Oil prices drop on signs global economy slowing amid trade disputes

Oil prices are being pressured by ongoing worries about demand as the US-China trade war.

09 Jul 2019 9:49 AM

ONGC has established 230.29 million tones of oil initial-in-place during the last three years, said Petroleum Minister Dharmendra Pradhan. (Photo: File)

ONGC discovers 230 mn tonnes of oil reserves: Pradhan

Petroleum Minister Dharmendra Pradhan said this in a written reply to a question in the Lok Sabha.

02 Jul 2019 11:52 AM

If we can double the oil production and raise gold output to 300 tonnes, the entire current account deficit (CAD) will be wiped out, said Anil Agarwal. (Photo: File)

Privatise mining to cut back USD 400 bn of imports: Vedanta's Anil Agarwal

Vedanta's Anil Agarwal asserted that increased mining can add USD 500 billion to the economy and create two crore jobs.

24 Jun 2019 3:57 PM

ONGC, in the previous two financial years, had lost the most profitable PSU tag to IOC.

ONGC topples IOC to regain most profitable PSU tag

Oil and Natural Gas Corp reported a 34 per cent jump its in 2018-19 fiscal net profit to Rs 26,716 crore.

02 Jun 2019 5:01 PM

Saudi Arabia approached Indian buyers last month offering them additional supplies to compensate for lost Iranian oil after US sanctions kicked in. (Photo: AFP/File)

Saudi to supply an extra 2 million barrels a month to Indian Oil Corp from July

IOC has signed separate annual contracts with Norway’s Equinor and Algeria’s Sonatrach to buy 4.6 million tonnes of US oil.

18 May 2019 5:40 PM

“I am not sure there is a supply shortage, but we will look at the (market) analysis. We will definitely be responsive and the market will be supplied,” Saudi Arabia Energy Minister Khalid al-Falih said. (Photo: File | AP)

Saudi's Falih says oil stocks still building, but OPEC to act if needed

OPEC, Russia and other non-OPEC producers have agreed to reduce output by 1.2 bpd from Jan 1 for six months.

18 May 2019 1:46 PM

India bought close to 24 million tonnes of crude oil from Iran in the fiscal ended March 31 (2018-19).

IOC ties up oil from US, Saudi to make up for Iran shortfall

IOC and other Indian refiners stopped importing crude oil from Iran this month following the US' move to end sanction waivers.

17 May 2019 7:38 PM

Saudi Arabia's Energy Minister Khalid al-Falih said on Monday that two Saudi oil tankers were targeted on Sunday. (Photo:AP)

Two Saudi oil tankers attacked near UAE waters: Saudi Minister

One of the two vessels was on its way to be loaded with Saudi crude oil from the port of Ras Tanura.

13 May 2019 11:53 AM

On the Multi Commodity Exchange, crude for delivery in May fell by Rs 81, or 1.88 per cent, to Rs 4,226 per barrel in a business volume of 20,586 lots.

Crude oil futures fall on global cues

The oil contracts for delivery in July fell by Rs 133, or 3.04 per cent, to Rs 4,243 per barrel in a business volume of 13 lots.

06 May 2019 3:43 PM

India likely to import more oil from Saudi Arabia

Oil minister Dharmendra Pradhan in a tweet in April had said “a robust plan for an adequate supply of crude oil to Indian refineries” is in place.

03 May 2019 2:42 AM

The West Texas Intermediate (WTI) crude fell 0.60 per cent to USD 63.22.

Crude oil futures slip on weak global trend

Analysts said, continuous selling by participants in line with a weak trend in global crude mainly weighed on crude prices here.

02 May 2019 2:12 PM

Trump’s sanctions on Iran are intended to curb its nuclear and ballistic missile programme and reduce its influence in Syria, Yemen and other countries in the Middle East.

India apprehensive Iran sanctions could boost oil prices, inflation

“We are apprehensive that impact can translate higher oil prices,” affecting common person, Harsh Vardhan Shringla said.

01 May 2019 12:06 PM

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Syed Ata Hasnain