Russia now ranks among India's most important crude oil suppliers to the Hardeep Puri

The Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, made the statement on Friday as Prime Minister Narendra Modi and Russian President Vladimir Putin discussed their countries' bilateral ties and energy cooperation over the phone.

Puri, speaking at a press conferen...

Mega-deals totalling more than $3.4 billion are won by ADNOC Drilling

ADNOC Offshore of the UAE has given ADNOC Drilling two contracts for more than $3.4 billion (AED 12.6 billion) to increase offshore drilling operations and hire eight jack-up rigs to increase production capacity.

These contracts are worth a combined $1.5 billion (AED 5.6 billion) and $1...

According to Vortexa, a European ban on Russian crude risks Moscow utilising natural gas as a "power instrument" in its arsenal

Despite its reliance on Russian oil, Europe is under pressure to prohibit imports, but doing so would raise the very real possibility of Moscow retaliating with a halt in natural gas exports, perhaps plunging the entire area into recession, according to energy market intelligence firm Vortexa.

BHP's oil and gas output fell 5% year on year between January and March

BHP reported a 5% drop in oil and gas production for the January-March quarter compared to the previous year, owing to lower seasonal gas demand from its involvement in the Gippsland basin joint venture (GBJV) offshore Victoria and lower well productivity at its Atlantis oil field in the US Gulf ...

How much oil does the United States receive from Russia?

Concerns about interruptions in global supply, of which 8% comes from Russian exports, have pushed up oil prices, prompting traders to seek alternate sources in an already tight market.

Although the United States imports Russian oil, it is not overly reliant on the nation for its suppli...

Thailand’s Navy Cleaning Up Offshore Oil Spill

On Wednesday, Thailand’s navy worked to clean up 128 tons of crude oil spills that had leaked from an oil pipeline in the Gulf of Thailand.

The director-general at the Ministry of Natural Resources and Environment, Attapol Charoenchansa, of the Pollution Control Department said th...

US SOLD 2 MILLION BARRELS OF IRANIAN CRUDE OIL THAT WAS SEIZED

Highlights

• This sale of Iranian crude oil was revealed after a report was released by the US Energy Information Agency

• Iranian paramilitary Revolutionary Guard, was identified as a terrorist organizations by the administration of former US President Donald Trump<...

JAPAN’S CPI DROPPED 0.1% IN APRIL OVER MOBILE PHONE FEES

Highlights –

• Japan’s CPI dropped 0.1% in April over mobile phone fees.
• Bank of Japan struggled to accelerate inflation toward its elusive 2 percent goal.
• In April, mobile phone fees tumbled 26.5 percent from a year earlier.
...

JAPAN’S TRAVEL BALANCE FELL BY 89.2% IN FY 2020

Highlights –

• Japan’s travel balance fell by 89.2% in FY 2020.
• Japan’s travel surplus in 2020 fell 3.8% to 18.20 trillion yen from a year earlier.
• The service trade deficit stood at 3.73 trillion yen.
• Japan poste...

INDIA MAY LIFT REGULAR SAUDI OIL VOLUMES IN JUNE

HIGHLIGHTS

• India is offering to lift regular Saudi oil volumes in JUNE 2021.
• Some orders have been placed by Indian State refiners.

After reducing purchases this month, Indian state refiners have placed orders for regular supplies fr...

JAPAN’S CPI FELL BY 0.1% IN MARCH OVER LOWER ENERGY PRICES

Highlights –

• Japan’s CPI fell by 0.1% in March over lower energy prices.
• The core CPI in February was down 0.4 percent.
• In the reporting month, electricity prices fell by 4.8 percent.
• Gasoline prices in March turned p...

INDIA'S STATE-RUN OFFICIALS SET TO BUY IRANIAN CRUDE OIL AS SOON AS US SANCTIONS ARE LIFTED

Highlights

• According to a government of India official, country’s state-run oil refiners are ready to purchase Iranian crude oil as soon as the US sanctions are eased

• The US and Iran have started indirect talks in Vienna to bring two countries back into ful...

S. KOREA’S EXPORTS IN MARCH ROSE 16.6 PERCENT TO $53.8 BILLION

Highlights –

• S. Korea’s exports in March rose 16.6 percent to $53.8 billion.
• Rising demand for chips and autos led to gains in exports.
• The country’s imports also rose 18.8 percent to $4.17 billion.
• Exports of a...

JAPAN’S CPI FALLS BY 0.4 PERCENT IN FEBRUARY 2021

Highlights-

• Japan’s CPI falls by 0.4 percent in February 2021.
• Nationwide core consumer prices declined 0.6 percent in January.
• Electricity and gas bills sagged 7.8 percent and 6.2 percent in February 2021.
• Gasoline prices ...

OIL PRICES GO DOWN ON FIFTH CONSECUTIVE DAY ON THURSDAY

Highlights

• Brent crude slumped 37 cents or 0.5 percent, and was at $67.63 per barrel after going down 0.6 percent on Wednesday

• US crude inventories have consistently gone up for four straight weeks after refineries in the south were forced to close because of the...

US NOT IRAN: INDIA'S BIGGEST CRUDE OIL EXPORTER

Highlights

• Imports from Iran went down to zero in the current financial year from a record high of 27.2 million tonne (MT) in the year 2016-17

• The US replaced majority of Iran crude in terms of imports that surged from zero in 2016-17 to 10.8 MT in the period bet...

INDIA URGES OPEC TO PRODUCE MORE CRUDE OIL

HIGHLIGHTS

• India has urged OPEC to increase crude oil production.
• The daily output of OPEC is 7 million barrels per day.

India has urged Organization of Petroleum Exporting Countries (OPEC) and its partners to increase oil produ...

S. KOREAN OIL REFINERS HIT WITH LOW PROFIT MARGINS DUE TO PANDEMIC IN FY 2020

Highlights –

• S. Korean oil refiners hit with low profit margins due to pandemic in FY 2020.
• SK Innovation Co. and three other major oil refinery companies project a combined net loss.
• The benchmark Singapore complex gross refining mar...

RUSSIA TO SUPPORT FOR PERMANENT DECREASE IN CRUDE OIL DEMAND

Highlights:

• Russia has given the signal for starting the preparation for a permanent decrease in the demand for crude oil
• The deputy finance minister of Russia said that, the peak of the consumption might have already passed

The gove...

JAPAN REPORTS A SLIGHT RISE IN EXPORTS FOR THE MONTH OF OCTOBER

Highlights –

• Japan reports a slight rise in exports for the month of October.
• In September, the declining pace of exports slowed from 4.9%.
• Exports to Asia as a whole rose 4.4 percent to 3.69 trillion yen.
• Imports, however,...