Tag Archives: Business Standard

India, whose per capita consumption is significantly lower than that of developed economies, will contribute 10 per cent of the incremental growth of global petrochemical demand, Oil Minister Hardeep Singh Puri has said. Petrochemicals, which turn oil and gas into all sorts of daily products — such as plastics, fertilisers, …

India and Russia on Tuesday vowed to expand their economic engagement including New Delhi’s import of petroleum products from its “time-tested” partner even as External Affairs Minister S Jaishankar emphasized on ending the Ukraine conflict in view of growing global concerns over energy and food security. After holding wide-ranging talks …

India may not be the most excited member of the club planning to cap prices of Russian crude oil, reported Livemint. Recently, finance ministers of G7 countries led by the US, proposed that oil-related service providers may only be allowed to deal in Russian seaborne oil and petroleum products at …

The US government may soon reduce sanctions on Venezuela, allowing Chevron and other oil companies to resume oil drilling there. This comes just hours after OPEC+ countries announced a cut in oil supply by two million barrels per day (bpd). A report by the Wall Street Journal (WSJ) said that …

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation. It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online, Xinhua …

In response to a growing clamour among the G7 nations to cap the price of crude oil imports from Russia, Moscow has told New Delhi it is willing to provide oil at lower prices than before to India, officials said. “In principle, the ask in return is that India should …

Russia has earned $98bn from fossil fuel exports during the first 100 days of its war in Ukraine, with the European Union being the top importer, according to new research. The report was published on Monday the independent, Finland-based Centre for Research on Energy and Clean Air (CREA) came as …

Global energy giant Shell will foray into retailing LNG for long-haul transportation like trucks, with its first filling station coming up in Gujarat this year as it bets big on the Indian gas market, a senior company official said. Shell operates a 5 million tonnes a year liquefied natural gas …

Hyundai Motor Group said on Wednesday it will collaborate with Saudi Aramco and a Saudi Arabian university to jointly develop an environment-friendly fuel and engine for vehicles. Hyundai, Aramco, and King Abdullah University of Science and Technology (KAUST) plan to develop an advanced fuel for ultra-lean burn, spark-ignition engines to …

Oil prices surged by nearly $6 per barrel Thursday after President Vladimir Putin launched Russian military action in Ukraine. Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The price of US benchmark crude briefly surpassed $98 per barrel. The ruble sank …