Washington/ Moscow: Last week, Russia announced that it would cut its fuel production in response to sanctions imposed by the West. Russian Deputy Prime Minister Alexander Novak informed that Russia may reduce its crude oil production by 500,000 barrels per day from March. Due to this decision of Russia, the price of fuel oil may […]
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Washington: – The Biden administration has again indicated the opening of the ‘Strategic Petroleum Reserves’ ban on Russian fuel imports given the Ukraine conflict and rising inflation. An announcement to that effect is expected on Thursday. This is the third time in the last five months that the United States has used the Strategic Petroleum […]
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New Delhi: Oil and Natural Gas Corporation (ONGC), the leading Indian company in the oil and natural gas sector, found a huge oil reserve in the Latin American country of Colombia. ONGC Videsh (OVL) has a 70% stake in the CPO-5 block, in the Llanos Basin in Colombia and it is reported that a massive […]
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New Delhi: – India filled up its ‘Strategic Oil Storages’, in April, taking advantage of the low crude oil rates, on the international level. Union Petroleum Minister Dharmendra Pradhan informed that India saved nearly Rs 5,000 crores in these transactions. He was answering a question in the Rajya Sabha. In January, the crude oil rates […]
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Washington – Huge oil and gas reserves have been discovered in the North African countries of Libya and Tunisia, plagued by political instability and chaos. The US Geological Survey-USGS announced that there are at least four million barrels of fuel oil and 385 billion cubic feet of natural gas reserves in the coastal areas of […]
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New Delhi: The Union Government has permitted Abu Dhabi National Oil Company (ADNOC) to export the crude oil stored in the Mangaluru Strategic Oil Reserves. The government has made the policy flexible for the purpose. Although the first right on the oil will be of India in an emergency, ADNOC will be allowed to export […]
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Moscow: Russian Finance Minister Anton Siluanov claimed that Russia could maintain its economic progress on the strength of its gold reserves, despite any slump in the oil prices, on the international level. Russia has a gold reserve of more than 2200 tonnes valued at USD 108 billion. At the same time, Russia has added to […]
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Moscow/Riyadh/London – The crude oil price has seen a jump after the leading countries of the oil sector, Russia and Saudi Arabia, announced to cut fuel production. On Tuesday, crude oil price crossed the $90 mark per barrel, the highest since November 2022. Analysts have estimated, on the backdrop of this increase, that crude oil […]
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Moscow – Alexander Novak, Deputy Prime Minister of Russia, has claimed that Russia has completely moved away from the dollar and Euro as a currency to trade oil and are focused on regional currencies. He said Russia had traded oil with China in exchange for Yuan and Rubel. The International Energy Agency (IEA) recently declared […]
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Cairo: Huge reserves of fuel gas have been discovered near the oil field of Egypt called ‘Nargis-1’. The details of this have not been revealed. But companies in the field of fuel extraction in the United States and Italy are measuring this and will excavate in this area. It is claimed that this fuel gas […]
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