Oil prices on Friday were set for their biggest weekly gains since early July, boosted by a decline in U.S inventories and a looming hurricane in Florida, while new signs of trade talks between the United States and China emerged.
Indian Oil Corporation (IOC), the country’s top refiner, plans to invest Rs 2 trillion ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting on Wednesday.
India will look at reviewing the pricing of its long-term liquefied natural gas (LNG) deals at an “appropriate time” due to a fall in spot prices, oil minister Dharmendra Pradhan said on Monday.
China said on Friday it would impose tariffs on U.S. crude oil imports for the first time, sending prices down nearly 4% to two-week lows as the escalating bilateral trade war fed worries over a slowdown in global oil demand.
India’s July crude oil imports declined from a year earlier, while petrol imports climbed to their highest since at least April 2011, data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC) showed on Wednesday.
Brent crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but ongoing worries about a possible global recession capped gains.
Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth.
Diversified energy major ONGC is investing around Rs 83,000 crore in 25 major projects. "15 of these projects are under execution and will directly contribute to oil and gas production," said ONGC Chairman and Managing Director (CMD) Shashi Shanker.
Oil prices fell on Wednesday on disappointing economic data from China and a rise in U.S. crude inventories, erasing some of the sharp gains in the previous session on signs of an easing in Sino-U.S. trade tensions.