5 rockets land near US oil company in Iraq
World | April 06, 2020 14:52 ISTFive rockets landed near the sites of a US oil company in Iraq's Basra province on Monday without causing casualties
Five rockets landed near the sites of a US oil company in Iraq's Basra province on Monday without causing casualties
Oil giant Saudi Aramco said Sunday its profits dropped 20% in 2019 to $88.2 billion, a sharp decline coming as the kingdom stands ready to flood an already-weakened global energy market amid the new coronavirus pandemic.
The government has detached gas utility GAIL India, explorer Oil India and other PSUs from a Supreme Court order that had led to Rs 1.47 lakh crore being sought from telecom firms such as Bharti Airtel and Vodafone Idea in past dues, the Lok Sabha was informed on Wednesday.
Oil prices are set to stay relatively low during 2020 as the supply from the non-OPEC countries will remain plentiful and global demand weak, global airlines body IATA said on Wednesday.
Saudi Arabia has pursued a commitment from wealthy Saudi citizens and regional allies to purchase shares as a gesture of solidarity and goodwill as opposed to an investment decision. Meanwhile, the kingdom's banks were directed to double the leverage limit for loans to investors looking to buy Aramco's shares. Compared to an average leverage-ratio limit for loans of 1 to 1, banks were allowed to lend to retail customers for this purpose at a 2-to-1 ratio.
Saudi Arabia alleged Wednesday an attack by drones and cruise missiles on the heart of the kingdom’s oil industry was “unquestionably sponsored by Iran,” naming but not directly accusing Tehran of launching the assault. Iran denies being involved in the attack claimed by Yemeni rebels, and has threatened the U.S. that it will retaliate “immediately” if Tehran is targeted in response.
Given weak consumer demand, higher oil prices can result in stagflation in an emerging economy like India, which imports more than 70 per cent of its oil needs, says a report.
World's largest oil exporter, Aramco, had it largest oil field, Buqyaq and the Khurais, attacked by drones on Saturday. This oil field is also the world's largest oil field.
Real-time monitoring of the movement of the goods trains has started in the control office application system through ISRO's satellite. GPS systems in more than 700 trains have been installed for this. Goods trains, especially those which transport coal and oil (diesel and petrol), are major source of earnings for Indian Railways. However, complaints of theft of oil and coal are often received, which involves the running staff, railway security forces (RPF), and local employee mafia of railway stations.
The government has increased the expression of interest (EoI) submission cycle for oil and gas acreage to three times a year from two times earlier, the Directorate General of Hydrocarbons (DGH) said
A series of attacks on oil tankers near the Persian Gulf has ratcheted up tensions between the U.S. and Iran -- and raised fears over the safety of one of Asia’s most vital energy trade routes, where about a fifth of the world’s oil passes through its narrowest at the Strait of Hormuz.
Sources said Indian refiners will make rupee payments in a UCO Bank account of the National Iranian Oil Co (NIOC).
Watch: Oil from Iran is illegally smuggled into Pakistan
Last week, Pradhan said two state-owned oil refiners have booked import of 1.25 million tonne (MT) of crude oil from Iran in November.
India may likely to fall back on the rupee-rial arrangement for importing oil from Iran in case the US forces it to cut procurement of petroleum products from that country, the sources said.
Saudi Arabia has acknowledged the call took place, but mentioned no production targets. The kingdom currently produces some 10 million barrels of crude daily. Its record is 10.72 million barrels a day.
Prime Minister Narendra Modi, Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed Al Nahyan and Deputy Supreme Commander of the UAE Armed Forces witnessed the signing of the historic agreement.
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