Indian Oil Corp says Unlock 1.0 to revive fuel sales soon
Fuel sales had dropped in April after Prime Minister Narendra Modi announced a nationwide lockdown to control the spread of COVID-19 infections. The lockdown shut factories and offices, took most vehicles off roads, stopped train movement and suspended air travel.
OPEC, Russia extend record oil cuts to end of July
OPEC+ demans Nigeria and Iraq , which exceeded production quotas compensate with extra cut...
India’s biggest asset sale to attract China-wary oil majors
Many nations, including the US are coming together to counter China’s growing thr...
Palm oil prices set to gain for fourth straight week as demand improves
The Malaysian market will be closed for a public holiday on Monday.
OPEC, allies agree to extend deep output cuts through July
The 13-member cartel and its allies, among them Russia, decided to extend by a month deep cuts, first agreed in April for May and June, to boost prices hit hard by the new coronavirus pandemic, an OPEC statement said. Under the terms of the April agreement, OPEC and the so-called OPEC+ countries pledged to cut output by 9.7 million barrels per day (bpd) from May 1 until the end of June.
May edible oil imports likely to hit lowest level in 10 years
Generally, over the years, import of edible oils hovers around 12 lakh tonnes in May. But this year it has dropped almost 38%.
BPCL sees gasoline, diesel demand returning to pre-Covid levels in July
"The current demand for petrol and diesel is at 70% of levels seen before the lockdown," Vijayagopal N, director of finance at BPCL, said in a call with analysts on Thursday.
OIL well blowout: Affected families to get Rs 30,000 as a relief
OIL said that operational activities were affected by protests staged by local people in front of Baghjan EPS (Early Production Set-up) installation. The bandh was withdrawn after Friday's meeting at the Deputy Commissioner’s office.
India's May palm oil imports halve as lockdown dents demand: Trade body
India is the world's biggest importer of edible oils.
Crude oil prices climb 5% on US jobless drop, Opec+ meeting hopes
US West Texas Intermediate (WTI) crude futures rose $1.65, or 4.4 per cent, to $39.02 a barrel.
Oil dips on uncertainty over producers' commitment to output cuts
"The oil group is struggling to find consensus around extending deep output cuts," ANZ Research said in a note.
Crude oil futures rise on spot demand, global cues
Analysts said raising of bets by participants kept crude prices higher in futures trade here.
Oil prices fall on concerns supply to rise as producers wrangle on cuts
Gasoline demand, in terms of product supplied to retailers, rose for a third week by 296,000 bpd to 7.55 million bpd, the EIA data showed.
Current prices shouldn't decide oil companies' economics: Dharmendra Pradhan
Petroleum minister says domestic producers need to wait till prices normalise and that PSUs have used low rates to fill reserves. Companies like ONGC should not be hit… However, overall low gas prices in market will impact the finances of all gas projects, including that of deepwater.
Sugar, pulses, edible oil players expect sales revival in June after slump in May
Sales of pulses had slumped to 300,000 tonnes in May against the normal monthly average of two million tonnes.
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