Energy Sector

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, April 28 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.37 a barrel Friday, against $105.20 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, April 25 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.20 a barrel Thursday, against $104.99 Wednesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

Petrol prices surge in Iran after subsidy cut

Petrol prices surge in Iran after subsidy cutTehran, April 25 : Iran has cut state subsidies on petrol in a move which caused price rise at midnight by up to 75 percent, making people rush to petrol pumps and fill up their cars before the deadline, BBC reported Friday citing media reports.

The President Hassan Rouhani-led Iranian government hopes the move will strengthen the country's economy, battered by western sanctions.

Though petrol in Iran is still among the cheapest in the world, analysts say the latest price rise will be unwelcome in a country where a quarter of adults are jobless or under-employed.

Venezuela announces new oil finds

Venezuela announces new oil findsCaracas, April 25 - State-owned Venezuelan oil giant Petroleos de Venezuela SA (PDVSA) has said it has made new oil finds in three different areas of the Andean nation.

An "effective exploratory drilling plan" dating back to late 2013 has resulted in the discovery of 185 million barrels of crude and 1.1 trillion cubic feet of gas, PDVSA said in a statement Thursday.

Venezuela has 297.5 billion barrels of proven oil reserves, more than any other country. Most of that crude is located in the Orinoco Belt, a territory in eastern Venezuela that holds roughly a quarter of the world's petroleum.

OPEC daily basket price closes lower

OPEC daily basket price closes lowerVienna, April 24 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.99 a barrel Wednesday, against $105.19 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes lower

OPECVienna, April 23 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.19 a barrel Tuesday, against $105.34 Monday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

OPEC daily basket price closes tad lower

OPECVienna, April 22 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $105.34 a barrel Monday, against $105.53 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

'Russia to raise oil exports to Belarus in 2014'

'Russia to raise oil exports to Belarus in 2014'Minsk, April 19 - Russia has agreed to increase oil flows to Belarus in 2014, a media report here said Friday citing a Russian official.

Russia will ship 23 million tonnes of crude oil to Belarus this year, up 10 percent from that in 2013, Xinhua quoted Russia's Federation Energy Ministry Press Secretary Olga Golant as saying, in a sign of thawing relations between the two countries.

Russia would deliver 21 million tonnes of oil (420,000 barrels per day) via pipelines and 2 million tonnes of oil by rail, the official added.

Petrol price cut by 70 paise a litre

Petrol-price-cutNew Delhi, April 15 : State-run Indian Oil Corp (IOC) Tuesday announced a cut in petrol prices by 70 paise a litre, effective from midnight.

The reduction is exclusive of local taxes, and the fuel's retail price in Delhi will come down by 85 paise a litre, IOC said.

"The continued appreciation of the rupee (to the US dollar) has resulted in reduction in petrol prices warranting the proposed decrease," a statement here said.

Petrol price was last reduced on the first of this month by 75 paise a litre, excluding state levies, and the fuel currently sells in Delhi at Rs. 72.26 per litre.

OPEC daily basket price closes slightly lower

OPEC daily basket price closes slightly lowerVienna, April 14 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $104.07 a barrel Friday, compared to $104.33 Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

IEA says Iran’s oil exports rise above sanctions limit

IEA says Iran’s oil exports rise above sanctions limitThe International Energy Agency has said in its monthly report that the total export of oil from Iran has risento their highest in 20 months, which is higher than 1 million barrel-per-day limit set by western powers as sanctions on the Islamic republic.

OPEC daily basket price closes higher

OPEC daily basket price closes higherVienna, April 10 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood higher at $104.22 Wednesday, compared to $103.16 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)

Oil India raises US$1 billion through overseas bond sale

Oil India raises US$1 billion through overseas bond saleMaking debut of its U. S. dollar bond sale programme, state-run oil & gas explorer Oil India Ltd (OIL) on Tuesday raised US$1 billion.

The state-run energy giant's bond issue is in a dual tranche of US$500 million each. The first tranche of US$500-million, 5-year money has been priced at U. S. treasury plus 222.5 basis points (bps), while the ten-year money of another tranche of US$500-million has been priced at treasury plus 272.5 bps.

OIL is first India firm to raise $1 bn in foreign bond sale

Oil-India-LimitedNew Delhi, April 9 : State-run explorer Oil India Limited (OIL) Wednesday announced it has become the first Indian company to make a foreign currency bond issuance worth $1 billion in its debut US dollar bond sale programme.

"Oil India has made an inaugural $1 billion dual-tranche US Dollar (USD) unsecured bond issue in the international capital markets.  The Regulation S Bonds were issued in two tranches of $500 million each for 5-year and 10-year tenor," the company said in a statement here.

A Regulation S transaction implies that US-based investors cannot participate in the issue.

OPEC daily basket price higher

OPEC daily basket price higherVienna, April 7 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $103.12 Friday, compared to $101.57 last Thursday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres. (IANS)

Regulators record higher complaints against energy firms

OfgemData released by the Ombudsman Services have showed an increase in the number of complaints against energy companies during the first quarter of the year.

The data showed that the number of complaints recorded an increase of 224 per cent to 10,638 during the first quarter compared to 3,277 recorded during the first quarter of 2013. The data showed that the number of complaints will be higher in 2014 as there were a total of 17,960 complaints during the previous 12 months.

IOC launches sale of 5-kg FTL cylinders through retail stores

IOC launches sale of 5-kg FTL cylinders through retail storesState-run energy giant Indian Oil Corporation (IOC) on Friday launched sale of 5-kg Free Trade LPG cylinders through kirana stores and supermarkets in select cities of the country.

Announcing the move, IOC said in a statement that it started sale of the small LPG cylinders from kirana stores and supermarkets in Aligarh, Bangalore, Chennai, Gorakhpur and Lucknow.

ONGC wants govt. to increase deep-sea gas price to nearly $13 a unit

ONGC wants govt. to increase deep-sea gas price to nearly $13 a unitOil & Natural Gas Corporation (ONGC) has told the government that it might have to put its deep-sea gas production plans on hold till gas prices are increased to nearly $13 per unit.

The state-run oil & gas giant said production from some of its deep-sea fields would not be viable at prices lower than $13 a unit. The company has asked for prices of $10.72 to $12.63 for gas to be produced from two blocks in the Mahanadi basin.

GE unveils turbine for wind energy in India

General-ElectricBangalore, April 4 : Multinational General Electric (GE) Friday unveiled a low-speed turbine to generate wind energy for meeting India's unmet power needs.

"The new turbine (1.7-103) has been developed and engineered specifically for India's low-wind speed conditions. A 100MW wind farm powered by the new version of turbines can produce electricity that can light up 413,000 homes annually," GE South Asia chief executive Banmali Agarwala said in a statement here.

Renewables accounts for five percent of the country's energy mix by production and 12 percent by installed capacity.

OPEC daily basket price closes lower

OPEC daily basket price closes lowerVienna, April 3 : The basket of 12 crude oils of the Organisation of Petroleum Exporting Countries (OPEC) stood at $101.72 a barrel Wednesday, compared to $103.25 Tuesday, according to the OPEC Secretariat.

The new OPEC reference basket comprises Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (United Arab Emirates) and Merey (Venezuela). A barrel is equal to 159 litres.(IANS)




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