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But the sanctions will still have an effect, with Washington vowing to enforce them against any foreign company with interactions in the United States -- including the US financial system, which dominates the globe. (Photo: File)

US oil sanctions take effect on Venezuela as crisis intensifies

It is among a volley of steps by President Donald Trump to oust Maduro and install opposition leader Juan Guaido.

28 Apr 2019 1:02 PM

At the Multi Commodity Exchange, crude for delivery in May was trading lower by Rs 70, or 1.51 per cent, at Rs 4,567 per barrel. (Representational Image)

Crude oil futures fall by Rs 70 amid weak trend overseas

The oil for delivery in June also fell by Rs 64, or 1.37 per cent, to Rs 4,592 a barrel in 695 lots.

26 Apr 2019 4:15 PM

“The higher shareholder returns will put more pressure on the financial profiles of the companies, which have large investment plans for the next two years,” Fitch said. (Photo: File)

Fitch Ratings sees risks to OMCs as govt seeks more returns

Struggling to meet budget targets, the government had asked cash-rich PSUs to pay second interim dividend.

26 Apr 2019 2:26 PM

The production in 2017-18 was 35,684 TMT while the target for 2018-19 was pegged at 37,011 TMT, a statement issued by the Ministry of Petroleum and Natural Gas said. (Photo: Representational | PTI)

India's crude oil production falls by 4.15 pc in 2018-19

Falling domestic crude oil production has pushed up India’s oil imports to nearly 84 per cent of total consumption.

26 Apr 2019 12:00 PM

cra said a USD 10 a barrel increase in oil prices will lead to a 0.10 per cent increase in the headline inflation. (Representational Image)

Rising crude prices to adversely impact CAD, rupee, inflation: Report

A 10 pc spike in crude prices can result in a 0.40 pc widening of the CAD and also push up inflation by 0.24 pc.

24 Apr 2019 2:15 PM

"R-Cluster development is on track for first gas in 2H FY21," Reliance said in an investor presentation after its fourth-quarter earnings. (Representative Image)

Reliance to start gas production from R-Cluster in 2nd half of FY21

Reliance and its partner BP Plc had in 2017 announced an investment of Rs 40,000 crore in three sets of discoveries.

19 Apr 2019 6:16 PM

All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, said officials.

Indian refiners turn to OPEC, Mexico, US to make up Iran oil gap

Refiners have not yet placed orders for Iranian oil for May, when current waiver expires, pending clarity from US.

17 Apr 2019 4:55 PM

Talking about the performance, ONGC Chairman and Managing Director Shashi Shanker said: "The growth in onshore production has been achieved beating enormous challenges which cropped up due to ageing of the fields. This has come at a time when fields with similar vintage are facing a sharp decline internationally." (Photo: File | PTI)

ONGC arrests fall in oil output from onshore wells, posts higher growth

ONGC produced 6.141 million tonnes of crude oil from its onshore fields despite majority of them being more than 50 years old.

14 Apr 2019 12:10 PM

"Parameters of new policy reforms published vide resolution dated February 28, 2019 shall apply from OALP-IV onwards only," the DGH said in a notice.

Overhauled oil policy to apply from 4th bid round: DGH

Union Cabinet had in February approved a policy for awarding blocks based on exploration commitment such as drilling of wells.

09 Apr 2019 3:33 PM

OPEC+ agreed to cut output by 1.2 million bpd from the beginning of 2019 after oil prices dipped late last year. (Photo: File)

Saudi minister says oil market headed for 'balance'

Saudi Energy Minister Khalid al-Falih said he did not "think we need to" when asked if kingdom was prepared to make additional cuts.

08 Apr 2019 3:38 PM

Twice during the current government's regime proposals were moved to farm-out or privatise ONGC fields but were shelved in face of opposition, industry sources said adding the latest bid came in late 2018. (Photo: File | PTI)

DGH seeks data on ONGC's top 47 fields after rejection of bid to privatise fields

DGH has asked data on its top 47 fields to monitor production and projects to raise output, an official order said.

31 Mar 2019 3:01 PM

A high-level committee headed by Niti Aayog Vice Chairman Rajiv Kumar late last year considered "transferring" western offshore oil and gas fields of Mumbai High, Heera, D-1, Vasai East and Panna as well as Greater Jorajan and Geleki field in Assam, Baghewala in Rajasthan and Kalol oilfield in Gujarat to private/foreign companies. (Photo: Representiative Image | PTI)

ONGC's Mumbai High, Vasai East came close to being sold, stopped after opposition

The proposal brought before the panel was to boost stagnant output from ageing fields of public sector oil companies.

14 Mar 2019 3:10 PM

The talks come just as trade tensions rise between Washington and New Delhi. (Photo:File)

With new trade tensions with US looming, India looks to extend Iran loan-waiver

India wants to keep buying Iranian oil at its current level of about 300,000 barrels per day.

08 Mar 2019 1:06 PM

Analysts at Fitch Solutions and consultants Wood Mackenzie forecast India’s diesel demand to rise in 2019 by 5.7 per cent and 6.4 per cent, respectively, from 2018. (Photo: File)

India's diesel demand to hit record highs in 2019 as country goes to polls

India’s economy is expected to grow by 7.2 per cent in the 2018-19 financial year versus 6.7 per cent the previous year.

01 Mar 2019 1:16 PM

Oil rises on OPEC-led supply cuts, but economic weakness weighs

Traders said oil markets were currently tightening.

01 Mar 2019 12:36 PM

Oil advances as OPEC set to continue supply cuts despite US pressure to ease

International Brent crude futures were at USD 65.48 per barrel, up 27 cents, or 0.4 per cent from their last close.

27 Feb 2019 2:53 PM

India currently produces about 90 million standard cubic meters per day of natural gas. (Photo: File)

Govt move to unlock ONGC, OIL gas

Govt's plan to offer PSUs special incentives for natural gas discoveries in difficult, unviable areas will raise natural gas production.

10 Feb 2019 4:04 PM

International Brent crude oil futures were down by 26 cents, or 0.4 percent, at USD 62.43 per barrel.

Oil falls as US maintains record output, inventories climb

US crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018.

07 Feb 2019 10:28 AM

Oil PSUs had proposed an investment of Rs 89,335 crore in the current fiscal year ending March 31, 2019, but will end up investing Rs 94,438 crore. (photo: file)

Oil PSU capex drops to 4-yr low for 2019-20

Oil PSUs had invested Rs 89,180 crore in 2014-15.

03 Feb 2019 6:36 PM

The OPEC report said it expected world oil demand to grow by 1.43 million bpd in 2019, down from 1.64 million bpd in 2018.

Oil prices inch up on Saudi output cut, but slowing economic growth drags

Brent crude oil futures LCOc1 were at $72.81 per barrel at 0515 GMT, up 20 cents, or 0.3 per cent.

14 Aug 2018 12:00 PM

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Sanjeev Ahluwalia