Oil may hit $50 per barrel next year

Over-supply is the major factor for bearish condition of crude oil prices and is expected to persist next year.

Petrol, diesel prices likely to be reduced

Petrol, diesel prices likely to be reduce as Brent crude oil dropped to a four-year low below $82 a barrel on Wednesday.

Gogoi threatens to stop ONGC ops in Assam

Peeved over lesser prices offered by ONGC to Assam than Gujarat for crude oil, Chief Minister Tarun Gogoi on Thursday threatened to take "strong steps" like halting operations of the energy giant in his state for doing such "great injustice".

Canada sees landmark ruling on Aboriginals, land

A landmark Supreme Court of Canada ruling that Aboriginals can stake a broad claim to traditional territories could have a significant impact on future development of resources, energy projects and pipelines, including a plan to move crude oil to the Pacific coast for shipment to Asia.

BPCL inks deals to import crude oil from Kuwait, UAE

New Delhi: State-owned Bharat Petroleum Corporation Ltd (BPCL) has signed contracts to import over 7 million tonnes of crude oil from Kuwait and the United Arab Emirates (UAE).
BPCL, the nation`s second biggest state refiner, signed term contracts for import of crude oil with Kuwait Petroleum Corp (KPC) and Abu Dhabi National Oil Company (ADNOC) during a visit of high-level delegation led by company Chairman S Varadarajan.

Iran seeks new Russia reactor in exchange for oil

Iran`s ambassador to Moscow on Monday said Russia could build the Islamic republic a second nuclear power reactor under a proposed oil-for-goods swap that has raised grave concern in Washington.

`Call on hiking fuel price after Sonia Gandhi returns from US`

A decision on raising diesel prices by Rs 3-5 per litre, kerosene by Rs 2 and LPG by Rs 50 will be taken after UPA Chairperson Sonia Gandhi returns from US, top government officials said on Thursday.

Water floating on oil can clean oil spills

Scientists have stumbled upon a discovery that challenges conventional wisdom -- water can sometimes float on oil, offering a potential solution to cleaning up of oil spills.

Crude oil chemical linked to heart defect in babies

Babies who are exposed before birth to ethyl benzene, may develop congenital heart disease.

Crude oil chemical linked to heart defect in babies

Babies who are exposed before birth to ethyl benzene, may develop congenital heart disease.

Petrol, diesel, LPG price hike on the cards

A ministerial panel may on Monday decide on raising petrol and diesel prices by up to Rs 3.50 a litre and domestic LPG rates by Rs 25-50 per cylinder, besides considering raising kerosene prices marginally.

Is India ready for another oil crisis?

Crude oil prices have jumped over 25 percent since February and this has set the alarm bells ringing again.

Is India ready for another oil crisis?

Crude oil prices have jumped over 25 percent since February and this has set the alarm bells ringing again.

Oil leaking from sunken rig: US Coast Guard

Crude oil was leaking on Sunday from two newly discovered leaks in a lengthy conduit connecting the sunken Deepwater Horizon oil rig to a well site in the Gulf of Mexico, officials said.

No crude oil leaking from Gulf well: US Coast Guard

No crude oil was leaking on Friday
from the oil well or rig that sank in the Gulf of Mexico after
its platform exploded, a US Coast Guard commander said, easing
fears of possible environmental catastrophe.

Oil prices down in Asian trade ahead of US energy report

Oil prices were down on Thursday ahead of the release of a widely monitored US energy reserves report, analysts said.

Crude oil production to go up 11%, natural gas by 53%: DGH

Reliance Industries and Cairn
India will help increase nation`s crude oil output by 11 per
cent and natural gas production by 53 per cent in 2009-10, oil
regulator Directorate General Hydrocarbons (DGH) said on Tuesday.

Oil falls for sixth session to $77 on demand concerns

Oil prices fell for the sixth session to a three-week low of around $77 a barrel on Monday, as poor risk appetite and renewed concerns about energy demand prompted investors to sell down their positions.

IOC buys 4 mn barrels W Africa crude

State-run Indian Oil Corp (IOC) bought 4 million barrels of West African crude in its tender for February or March loading cargoes, trade sources said on Thursday.

UAE`s crude production could rise 12.5% by 2014

The sustainable crude production capacity of UAE will decline marginally to 2.71 million bpd, but will climb steadily thereafter to 2.75 million bpd in 2011, 2.88 million bpd in 2012 and 2.99 million bpd in 2013.