Oil tumbles in Asian trade on economic concerns

Oil fell in Asian trade today as economic concerns continued to weigh on investor sentiment, analysts said.

State-run oil firms to get Rs.12,000 crore as subsidy

State-run oil marketing companies will get around Rs.12,000 crore from the central government as subsidies, less than half of the Rs 31,700 crore sought by the petroleum ministry, a government official said Friday.

Oil slips below $79 in Asian trade

Oil prices extended losses in Asian trade on Friday on weak energy demand and news the US commodity and options regulator was looking to tighten controls in the energy futures market, analysts said.

Fin Min offers to pay less than half of what Oil Min seeks

The Finance Ministry has offered less than half of the Rs 31,700 crore sought by the Oil Ministry to make up for revenue losses incurred by the state-owned retailers on sale of LPG and kerosene.

Oil prices tumble to lowest levels of 2010

Oil and gas prices plunged to their lowest levels of the year on Thursday after the US government reported that supplies grew more than expected.

Oil prices bounces above 83 dollars

The price of oil briefly struck a 15-month high close to USD 84 on Tuesday in the wake of positive Chinese energy data and as a cold snap raised demand for heating fuel, analysts said.

Oil rises above $83 amid strong China demand

Oil prices jumped above $83 a barrel Monday in Asia amid signs of strong Chinese demand for crude and a weakening U.S. dollar.

Oil falls below USD 83 as month-long rally stalls

Oil prices fell below USD 83 a barrel on Thursday in Asia as investors worried a 20 percent rally in the last few weeks isn`t justified by sluggish US crude demand.

RIL to drill six new wells in KG-D6 block this year

Reliance Industries, which has proposed to invest USD 1.5 billion more in developing satellite gas finds in the prolific KG-D6 block, will drill six wells this year.

China oil spill hits Yellow River, threat on drinking water

An oil spill from a ruptured pipeline in northern China has reached the Yellow River, in the latest environmental accident to threaten the nation`s drinking water, state media said Monday.

Oil touches $80 on US economy, demand optimism

Oil prices touched $80 a barrel Monday in Asia on optimism a gradual US economic recovery in 2010 will boost demand for crude.

Russian oil deliveries to Germany growing

The dependence of the German industry on Russian oil deliveries has reached unprecedented scope, according to a latest report in a German magazine.

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.

ONGC loses Algeria oilfield to Chinese firm

Oil and Natural Gas Corp (ONGC) has lost an oilfield in Algeria to a consortium led by a Chinese oil firm.

Oil falls amid reported rise in US inventories

Oil prices fell slightly on Wednesday in Asia amid a surprise rise in US weekly crude inventory ahead of the release of government data.

Russia lifts threat of oil cutoff

Russia and Ukraine have resolved a dispute over oil transit issues, averting a disruption of oil supplies to three countries in Europe, Slovakia`s industry minister said Monday.

Russia warns of possible halt in oil supplies to Europe

Russia has warned of a possible halt in oil supplies to three European Union (EU) members via Ukraine, Slovakian Prime Minister Robert Fico said Monday.

IIM study suggests deregulation of oil sector

An IIM-Ahmedabad study on the oil sector has suggested radical reforms, including complete deregulation, where private and public sector firms are free to price fuel as they deem fit.

ONGC awards USD 162-million contract to UAE firm

ONGC has awarded an USD 162-million (over Rs 753 crore) engineering and construction contract for an oil well platform project at the Mumbai High Field to Abu Dhabi-based National Petroleum Construction Company (NPCC).

Saudi Arabia to spend USD 400 bn in oil, gas projects

Saudi Arabia, the world`s biggest oil producer and exporter, is poised to spend up to USD 400 billion to develop its own oil and gas projects in the next few years to meet the growing global demand.