On Monday crude oil pared some of its losses from earlier after U.S. President Donald Trump signed a $2.3 trillion coronavirus aid and spending package but lingering worries about near-term demand weighed on market sentiment.
Norway’s $1.15 trillion sovereign wealth fund should shift more assets into the Canada and United States, while cutting its holdings in Europe, the country’s minority government said today.
On Saturday Oil India Ltd said it has suffered a production loss of 638 tonnes of crude oil and 0.46 million standard cubic metres per day of natural gas following a blowout and massive fire at a well in its Assam field.
Vastly slower U.S. oil growth this year and the prospect of a plateau for the world’s top oil producer have signaled a new and unfamiliar era of self-restraint for the go-go shale industry.
Major fossil fuel producers of world are set to bust global environmental goals with excessive oil, gas and coal extraction in the next decade, the United Nations and research groups said on Wednesday in the latest warning over climate crisis.
Crude oil imports of China in September rose 10.8% from a year earlier as refiners ramped up output amid stable profit margins and solid fuel demand. China, the world’s top oil importer, brought in 41.24 million tonnes of crude, equivalent to 10.04 million barrels per day (bpd), according to data released by the General Administration of Customs on Monday.
Crude oil futures Monday declined 0.57 per cent to Rs 3,654 per barrel, as speculators cut bets to book profits amid weak global cues. On the Multi Commodity Exchange, crude oil for delivery in June contracts fell by Rs 21, or 0.57 per cent, to Rs 3,654 per barrel with a business turnover of 19,578 lots.