BUSINESS
Saudi Arabia to continue supply cuts of 1 million bpd till year-end
Russia, too, announced to continue its current export cuts of 300,000 bpd until the end of 2023, in a separate official statement.
BUSINESS
India's crude oil imports from Saudi Arabia drop 36% in September
The decline in imports of crude oil from Saudi comes after it announced an extension of the one million barrels per day (bpd) production cut until December 2023.
BUSINESS
Domestic crude production sees uptick in recent months but outlook remains grim
Domestic crude oil production increased 2.1 percent in August on a year-on-year basis to 2.5 million metric tonnes, as shown by data from the oil ministry.
BUSINESS
MC Exclusive Poll: Crude oil prices to remain elevated but will not breach $100 per barrel in 2023, say energy experts
According to a poll of 12 experts from brokerages and rating agencies, retail prices of petrol and diesel in India are expected to remain in the current range.
BUSINESS
GAIL Gas expanded presence to 16 geographical areas in FY23: Chairman
Chairman Sandeep Kumar Gupta said that the city gas distribution company now has a significant footprint in 25 geographical areas across 50 districts and 14 states
BUSINESS
Fuel exports rebound to a 5-month high but demand woes linger
With fears of a global slowdown impacting exports, India’s ability to continue as one of the top exporters of fuel, especially to newer markets like the US and Europe, would be a key factor in limiting the country’s widening trade gap.
BUSINESS
Oil minister HS Puri launches India’s first green hydrogen fuel cell bus in Delhi
While launching the first two fuel cell buses in Delhi, Puri said 15 green hydrogen buses would be operational by the end of 2023.
BUSINESS
Vedanta approves raising funds up to Rs 2,500 crore via NCDs
Vedanta had earlier said that the fundraising is a part of its routine refinancing that is undertaken in the ordinary course of business.
BUSINESS
Crude oil prices slip to $92 per barrel as Fed pauses on hikes again
The US Fed held interest rates steady on September 20 while indicating of one more hike before the end of 2023 and fewer rate cuts in next year.
BUSINESS
Domestic crude oil production grows by 2.1% YoY in August: Oil Ministry
According to data by Petroleum Planning & Analysis Cell (PPAC), ONGC registered production of 1.61 MMT while Oil India produced 0.28 MMT of crude oil in August.
BUSINESS
Indian gas utilities sector returning to tentative state of normalcy: ICRA
The gas consumption in India is expected to grow by 6-7 percent YoY in FY24 over a low base, supported by softer LNG prices and an uptick in the domestic gas production, the rating agency said in a press release.
BUSINESS
Oil On The Boil: OMC margins come under pressure as crude touches $94/bbl
With prices settling around $75 per barrel in the first half of 2023-2024, OMCs had turned profitable on account of healthy marketing margins. However, as crude oil has shot past $90 per barrel, the performance of OMCs could again change course.
BUSINESS
Oil India plans to invest Rs 25,000 crore to achieve net-zero targets by 2040: CMD
Chairman and Managing Director Ranjit Rath said the company plans to invest in green hydrogen, compressed biogas plants and 2G ethanol.
BUSINESS
MC Exclusive: Oil Minister comfortable with crude oil prices in range of $75-$80 per barrel
As crude touches a 10-month high, with prices up 9 per cent in the past month, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said oil demand could drop if oil prices remain elevated.
BUSINESS
MC Exclusive | IMEC to be more 'ambitious' than other similar projects: Hardeep Singh Puri
The India-Middle East-Europe Economic Corridor (IMEC) would bring together ports and shipping lines and have seamless road transport, said the Union Minister of Petroleum and Natural Gas.
BUSINESS
MC Exclusive: G20 Biofuel Alliance to help Indian farmers, says Hardeep Singh Puri
Sustainable Aviation Fuel with one percent blending of biofuel to benefit 5 lakh farmers in India, said the petroleum and natural gas minister.
BUSINESS
MC Explains: What is the Global Biofuel Alliance launched by India at the G20 Summit?
The initiative is aimed at developing an alliance of governments, international organisations and industry to facilitate the adoption of biofuels.
BUSINESS
Edelweiss Alternatives launches its first climate fund to combat climate change
The fund would invest in a wide array of climate-related projects ranging from climate mitigation to climate adaptation like renewable energy, transmission infrastructure, EV infrastructure and any such other related verticals
BUSINESS
Global South prevented G20 agenda from being stirred towards Ukraine: Russian Foreign Minister
Russian Foreign Minister Sergey Lavrov said the consolidated position of Global South and the active participation of BRICS helped in addressing the actual issues of the Global South
BUSINESS
Global Biofuel Alliance announcement likely at G20 meet: Indian Biogas Assn
The global alliance has evinced interest from several G20 nations. IBA chairman Gaurav Kedia says India is planning to set up 5,000 compressed biogas plants by 2030.
BUSINESS
Crude prices to remain elevated for 2023 after touching $90/bbl amid supply cuts: Energy experts
The jump in oil prices to a 10-month high comes after Saudi Arabia extended its 1 mbpd production cut till December 2023. Russia also announced the extension of its voluntary export cut of 300,000 bpd until the end of the year.
BUSINESS
More players in CBM industry will be positive for India: Essar Oil and Gas CEO
The company, which currently has a market share of 65 percent of total CBM production in India, aims to increase production even as others like Reliance Industries Limited (RIL) and Oil and Natural Gas Corporation (ONGC) are scaling up.
BUSINESS
Birla Corp expects mining at Bikram coalmines to start in FY24: Chairman
Mining in coalmines at Marki Barka is expected to become operational in the financial year 2025-26, said Chairman Harsh Lodha at the company’s annual general meeting (AGM).
BUSINESS
India’s crude oil imports from Russia slipped 23% in August from last month: Vortexa
In August, India imported 1.46 million barrels per day (bpd) of crude oil from Russia, compared to 1.91 bpd in July.
