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.
Oil prices edged lower on Tuesday, offsetting narrow gains in the previous session, on the expectation major producers would continue to reduce global supplies due to a slowing economic growth outlook.
illionaire Mukesh Ambani's Reliance Industries Ltd has decided to restrict its mega Jamnagar refinery complex to only produce jet fuel and petrochemicals as it gets future ready with an oil-to-chemical strategy that would focus on value-added products by discontinuing all fuels the company produces.
Mounting signs of an economic slowdown and a ratcheting up of the US-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said on Friday.
Oil prices fell on Friday amid fears over demand as the U.S-China trade row casts its shadow over markets, although prices got some support from expectations of more OPEC production cuts.