Oil companies reduce price of 19 kg commercial and 5 kg FTL cylinders
Oil marketing companies reduced the prices of 19 kg commercial cylinders and 5 kg FTL (Free Trade LPG) cylinders, said sources.
Oil marketing companies reduced the prices of 19 kg commercial cylinders and 5 kg FTL (Free Trade LPG) cylinders, said sources.
Hiring for roles in artificial intelligence (AI) and Oil & Gas sectors has witnessed a growth of over 20 per cent in the month of February 2024, a new report showed on Monday.
It has boosted the oil and gas sector futures in the commodities markets strongly, experts opined.
Oil and natural gas prices rose sharply on Monday after BP said it would pause all shipments through the Red Sea because of increased attacks on commercial vessels by Houthi militants in Yemen, a media report said.
At the heart of the matter is the quest for stability in global oil markets.
According to a rough estimate, the high crude oil price and less production of domestic crude oil price is going to increase crude oil import bill by around 20 %, and it would increase further in the fiscal year 2021-22 if the Russia-Ukraine tension continues.
For example, an energy crisis in winter could be a disaster for Germany, and fear of it may weaken German willingness to act against Russia. A recent example of potential German softness toward Russia can be seen in German Chancellor Olaf Scholz’s failure to endorse stopping the Nord Stream 2 pipeline as a potential sanction for an invasion.
Presently, more than 85 % of its oil needs and half of its gas requirements are met through import. Government has already managed to double its acreage through seven rounds of auction of oil acreage under the New Open Acreage Licensing Policy (OALP), the Minister said.
Noting that India is the world’s third largest consumer of crude oil and yet import-dependent for more than 80 percent of its needs, Naidu underlined the importance of increasing production, not only to save foreign exchange but also to ensure energy security.
Record coal and gas prices, as well as rolling black-outs are prompting the power sector and energy-intensive industries to turn to oil, which has pushed up global oil demand
