India may draw on oil reserves to soften prices

India may tap its emergency oil stockpile to cool off prices that have surged on concerns that Russia’s invasion of Ukraine will disrupt global supplies. The government is closely monitoring international energy markets as well as potential supply disruptions, the oil ministry said on Saturday. “India is also committed to supporting initiatives for releases from

World’s top banks show minimal commitments to shift away from fossil fuels

Big banking is saying little on how they will combat climate change through their financing, shows a new study which finds minimal, clear commitments to aid financing away from fossil fuels. The top 10 banks – ranked as the largest funders of fossil fuel organizations – are talking more about climate change in general. However,

Why sanctions on Russia aren’t targeting oil and gas?

There’s an elephant in the room. Since Thursday, when Russian troops stormed into Ukraine, the U.S., the E.U., and their allies have announced a raft of sanctions designed to hurt Russia’s economy and financial system, and make President Vladimir Putin reconsider his invasion. But measures targeting exports of oil and gas, which provided 36% of

Sugar mills tender to supply 94 crore litres of ethanol

Sugar mills in Maharashtra have filled tender to supply 94 crore liters of ethanol to the Oil Marketing Companies (OMC) for the Ethanol Supply Year (December- November) 2021-22. This is expected to divert 12 lakh tonnes of sugar in the state with most of the ethanol being produced either from B heavy or directly from

EU seeks extra LNG from Japan, hedging against Russia cutoff

The European Commission has approached the Japanese government about sending additional liquefied natural gas to hedge against a possible retaliatory cutoff of supply from Russia following Moscow’s invasion of Ukraine, Nikkei has learned. This infusion would be on top of the LNG that Japan agreed to deliver to Europe in March. The European Union and

CMA CGM launches global biofuel bunkering trial in Singapore

The CMA CGM Group, a world leader in shipping and logistics, with the support of the Maritime and Port Authority of Singapore (MPA), started biofuel bunkering in Singapore as part of its global trial to scale-up the wider adoption of the clean energy. Its 10,640-TEU vessel, APL PARIS, was the first of the Group’s vessels

India’s fuel appetite seen at a record even as oil nears $100

India, the world’s third-biggest oil user, expects consumption of petroleum fuels to touch a record next year even as crude prices move toward the $100-a-barrel mark. Demand has been pegged at 214.5 million tons in the year starting on April 1, according to predictions by the Indian oil ministry’s Petroleum Planning and Analysis Cell. If

Bunker prices hit all-time highs

With Russian tanks entering eastern Ukraine, bunker prices have hit an all-time high. Back in the summer of 2008, a couple of months ahead of the collapse of Lehman Brothers and the global financial crisis, the average price for IFO 380 fuel, then the dominant shipping fuel, at the world’s top four bunkering hubs averaged

Ukraine’s invasion underscores Europe’s deep reliance on Russian fossil fuels

Russian president Vladimir Putin’s decision to send troops into Ukraine spooked energy markets this week, amid fears that the escalating conflict and ensuing sanctions could disrupt global fossil-fuel supplies. Russia is one of the world’s largest producers of petroleum, natural gas, and coal, so any actions that curtail exports could have global ripple effects, pushing

Is Putin’s Ukraine invasion about fossil fuels?

What is the relationship between Russia’s threats to Ukraine and the gas price crisis? Gas prices are soaring globally, largely because of the resurgence of demand for fossil fuels after the Covid-19 pandemic and lockdowns, depleted storage and the difficulty of ramping up supply after the disruptions of the past two years. But prices have