Indian state-held Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas producer in the country, plans to invest as much as $11.5 billion (1 trillion Indian rupees) in clean energy by 2030, a top ONGC executive told Bloomberg in an interview published on Wednesday. ONGC, the biggest oil and gas explorer and the company producing about 70% of all of India’s oil and gas, plans to have a portfolio of renewable energy of 10 gigawatts (GW) by 2030, ONGC’s director of finance, Vivek Chandrakant Tongaonkar, told Bloomberg.…

Crude oil inventories in the United States saw a build of 4.1 million barrels during the week ending February 7, according to the U.S. Energy Information Administration. Crude oil prices were trending lower today prior to the crude data release by the U.S. Energy Information Administration after the American Petroleum Institute (API) reported on Tuesday a huge build of 9.043 million barrels in U.S. crude oil inventories. Both the Brent and WTI benchmarks were trading down more than 1%, at $75.93 and $72.15, respectively at 10:16 am, just minutes…

Indian refiners are reshuffling and reconfiguring the oil traders, insurers, and vessel owners with which they work in a bid to continue receiving the cheaper Russian oil without risking violating the latest U.S. sanctions on Russia’s oil exports, anonymous executives directly involved in the trade told Bloomberg. India has been scrambling for supply and for ways to get Russian oil from entities that are not blacklisted by the U.S. Administration, following the January 10 U.S. sanctions on dozens of tankers hauling Russian crude to Asia,…

Indian refiners are reshuffling and reconfiguring the oil traders, insurers, and vessel owners with which they work in a bid to continue receiving the cheaper Russian oil without risking violating the latest U.S. sanctions on Russia’s oil exports, anonymous executives directly involved in the trade told Bloomberg. India has been scrambling for supply and for ways to get Russian oil from entities that are not blacklisted by the U.S. Administration, following the January 10 U.S. sanctions on dozens of tankers hauling Russian crude to Asia,…

Indian refiners are reshuffling and reconfiguring the oil traders, insurers, and vessel owners with which they work in a bid to continue receiving the cheaper Russian oil without risking violating the latest U.S. sanctions on Russia’s oil exports, anonymous executives directly involved in the trade told Bloomberg. India has been scrambling for supply and for ways to get Russian oil from entities that are not blacklisted by the U.S. Administration, following the January 10 U.S. sanctions on dozens of tankers hauling Russian crude to Asia,…

A new US Department of Energy survey provides updated data on oil & natural gas production in the CaspianBasin. It shows that four regional states – Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan – collectively account for 3 percent of global energy production. The Regional Analysis Brief: Caspian Sea additionally provides an overview of regional coal production, power generation and energy export routes, as well as a breakdown of regional refinery operations. Azerbaijan possesses oil reserves in 2025 of about 7 billion barrels…

Russia is fully complying with its oil production quota under the OPEC+ output deal in January and February, Russian Deputy Prime Minister Alexander Novak said on Wednesday. Moscow classified oil and gas production and export data after the invasion of Ukraine and the sanctions and embargoes that the West imposed on Russian oil in an effort to reduce Putin’s revenues. OPEC, the larger OPEC+ group that includes Russia, and market analysts and watchers are relying on estimates from independent sources and vessel-tracking data to monitor and…

Russia is fully complying with its oil production quota under the OPEC+ output deal in January and February, Russian Deputy Prime Minister Alexander Novak said on Wednesday. Moscow classified oil and gas production and export data after the invasion of Ukraine and the sanctions and embargoes that the West imposed on Russian oil in an effort to reduce Putin’s revenues. OPEC, the larger OPEC+ group that includes Russia, and market analysts and watchers are relying on estimates from independent sources and vessel-tracking data to monitor and…

Russia is fully complying with its oil production quota under the OPEC+ output deal in January and February, Russian Deputy Prime Minister Alexander Novak said on Wednesday. Moscow classified oil and gas production and export data after the invasion of Ukraine and the sanctions and embargoes that the West imposed on Russian oil in an effort to reduce Putin’s revenues. OPEC, the larger OPEC+ group that includes Russia, and market analysts and watchers are relying on estimates from independent sources and vessel-tracking data to monitor and…