Indian output will get a small uplift in 2024 as the 50,000 bpd offshore K-G Basin Cluster-2 project ramps up and the onshore Rajasthan Basin posts a modest increase, says IEA
Oil prices rose on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, supported by expectations of rising fuel demand this summer. Market focus is on the Fed's policy meeting and upcoming reports from OPEC and the International Energy Agency. Analysts expect Brent to rise to $86 a barrel in the third quarter.
Investment in clean energy technologies is set to reach $2 trillion this year, doubling fossil fuel spending.
Goldman Sachs analysts expect Brent to rise to $86 a barrel in third quarter, saying in a report that solid summer transport demand will push the oil market into a third-quarter deficit of 1.3 million barrels per day (bpd).
Shipping industry in Athens anticipates higher earnings amidst geopolitical conflicts and supply uncertainties.
The state-owned oil marketing company will invest around Rs 50,000 crore in the project for which it is currently evaluating locations in three states - Andhra Pradesh, Uttar Pradesh, and Gujarat, two industry officials aware of the development told ET.
NTPC is exploring sustainable jet fuel production by mixing carbon captured from its thermal power plant and green hydrogen. The company aims to set up 100,000 tonnes annual capacity at an upcoming green hydrogen hub in Andhra Pradesh.
Starting Monday, toll rates on the Delhi-Meerut Expressway (DME) and Eastern Peripheral Expressway (EPE) will increase by 5%. After the revision, four-wheelers will pay between Rs 45 and Rs 160, and heavy vehicles will be charged between Rs 40 and Rs 250, depending on the distance traveled. Currently, the toll is Rs 2.19 per km on the 135 km-long expressway, with no toll for traffic between Delhi and Ghaziabad.
The analysts at ClimaMeter said the intense and prolonged heat wave India endured in May was a result of the naturally occurring El Nino phenomenon -- unusual warming of the ocean surface in the central and eastern tropical Pacific Ocean -- and the rapidly increasing concentration of greenhouse gases -- primarily carbon dioxide and methane -- in the atmosphere.
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Global investment in clean energy technology and infrastructure is set to hit $2 trillion this year, twice the amount going into fossil fuels, an International Energy Agency report showed. Total energy investment is expected to exceed $3 trillion for the first time in 2024, the IEA said in its annual World Energy Investment report.
Humans are as dangerous to Earth as the meteorite that drove dinosaurs to extinction, the UN chief said Wednesday, urging an end to fossil fuel ads after 12 months that were the hottest on record. Last month was the hottest May on record and the 12th consecutive month to break such a record, the EU climate monitor Copernicus announced.
Formula One will enter a new era in 2026 with smaller and lighter cars featuring active aerodynamics. The FIA presented the technical regulations for the new generation of 'nimble' cars, aiming for better efficiency and handling. FIA president Mohammed Ben Sulayem hailed the unique revision to make the championship more relevant and attractive.
Assam government has raised petrol prices by Rs 1.02 per litre and diesel prices by Rs 1.01 Chief Minister Himanta Biswa Sarma stated that the state's fuel prices are Rs. 7 lower than West Bengal's, making them among the most affordable in India. He emphasising that despite the recent increase, prices remain lower than in neighboring states.
India needs $385 billion for 500 GW renewable energy by 2030. Coal remains key for next decade. Adani Group plans to generate 45 GW of renewable power by 2030 to support India's transition to net-zero by 2070.
The Reserve Bank of India's Monetary Policy Committee (MPC) has decided to maintain the current interest rate at 6.5%, following a 4:2 majority decision. The panel projected real GDP growth for FY25 to be 7.2%, up from 7%. The MPC is also maintaining the Standing Deposit Facility rate at 6.25% and the Marginal Standing Facility bank rate at 6.75%.
The UN's weather agency predicts an 80% chance of global temperatures surpassing the 1.5°C target in the next five years, as outlined in the Paris climate accord. The World Meteorological Organization expects temperatures from 2024 to 2028 to be 1.1 to 1.9°C hotter than the start of the industrial era. UN Secretary-General António Guterres highlighted this threat in a speech for World Environment Day. The EU's climate service reported May as the hottest ever, with 12 consecutive months of record temperatures, attributing the trend to fossil fuel burning.
Creditors led by HPS Investment Partners filed involuntary Chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.
Oil prices decline as U.S. stockpiles rise, OPEC+ plans supply boost. EIA's upcoming report on stockpiles awaited for market impact.
Moving to clean energy could also bring savings of up to $4.6 trillion each year, according to new research from Colorado-based think tank RMI.
UN Secretary-General Antonio Guterres stated humans are as destructive as the meteor that caused the dinosaur extinction, urging a ban on oil, gas, and coal advertising. His comments coincided with scientists reporting the last 12 months as the hottest on record. The global average temperature is 1.63°C above pre-industrial levels. Despite the agreement to phase out fossil fuels at COP28, emissions remain high. Guterres called for taxing fossil fuel profits and reallocating funds to combat climate change, as critical climate talks continue in Bonn ahead of the COP29 summit in November.
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
NHAI has hiked toll charges by 5% on national highways. The revised user fee has been implemented from Monday, affecting motorists across the country.
Adani Power Ltd's arm Mahan Energen Ltd approved merging Stratatech Mineral Resources with Dhirauli Coal Mine to enhance fuel security, subject to shareholder and regulatory approvals, with a peak-rated capacity of 6.5 million tonnes per annum. The merger involves a wholly-owned subsidiary engaged in mining, power generation, and allied activities.
)
The government is likely reduce the petrol and diesel prices ahead of the Lok Sabha polls as crude oil prices have also come down in the international market which will enable the oil marketing companies to bear the burden.
)
The updated versions of both Harrier and Safari have received top safety ratings from the vehicle safety group Global NCAP.
)
According to sources, the Petroleum Ministry has prepared a proposal incorporating the cuts ranging from Rs 8 to Rs 10 per litre in both fuels for the Prime Minister’s approval that could come on Thursday.