As the urban centre at the heart of Canada’s oilsands industry, Fort McMurray has seen more than its share of ups and downs. A decade and a half ago, the northern Alberta community was this country’s most famous boom town. High oil prices helped to drive unprecedented demand for the thick, viscous bitumen that lies … Read more
Mumbai: The rupee rises by 8 paise to close at 83.36 against the US dollar on Monday on positive domestic markets and a soft American currency. Forex traders said a decline in crude oil prices also supported the local unit. At the interbank foreign exchange market, the local unit opened at 83.40 against the greenback. … Read more
Last month, the government allowed Adnoc to export crude oil it has stored in Mangalore reserves to give operational flexibility to the foreign firm. ISPRL, a special purpose vehicle created by the government for building and operating strategic petroleum reserves in the country, has invited bids for constructing 2.5 million tonnes of underground storage at … Read more
Mumbai: The rupee depreciated 6 paise to settle at 83.39 against the US dollar on Thursday due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets. However, a firm trend in domestic equity markets and recent foreign fund inflows supported the domestic currency, forex traders said. At … Read more
New Delhi: The government on Thursday hiked windfall tax on domestically produced crude oil to Rs 3,300 per tonne from Rs 3,200 per tonne with effect from Friday. The tax is levied in the form of a Special Additional Excise Duty (SAED). According to an official notification, SAED on the export of diesel too has … Read more
The state of Colorado is fining Suncor Energy Inc. $10.5 million US for air pollution violations. In a news release, the Colorado Department of Public Health and Environment says the fine concerning Suncor’s Commerce City refinery is for violations from July 2019 through June 2021. The department also says the Calgary-based energy company must double … Read more
Oil and gas giant Shell reported a dip in profits below the record highs of 2022, totalling $28.25 billion (£22.32 billion) in 2023 as energy prices remained elevated. The company’s shift towards trading more in liquefied natural gas (LNG) and increased production offset reduced earnings from refining and oil trading, along with higher operating costs. … Read more
Alberta oil production hit an all-time record in November, as oilsands companies ramped up output to prepare for the imminent completion of the Trans Mountain pipeline expansion. The Alberta Energy Regulator says crude oil production in the province rose by 8.8 per cent in November to a new historic high of 4.2 million barrels per … Read more
Sanaa: Crude oil prices experienced a significant uptick, surging more than 2.5 per cent on Friday, after the United States and United Kingdom executed joint strikes on Iran-backed Houthi targets in Yemen, CNN reported. Brent crude, the global oil benchmark, has seen a 3.1 per cent rise since the beginning of the year, marking a … Read more
Suncor Energy Inc.’s share price jumped Wednesday as the company reported its fourth quarter oil output was its second-highest quarter ever. The Calgary-based company announced upstream production in the fourth quarter of 2023 of 808,000 barrels per day. With the strong fourth-quarter output, Suncor said it has met its corporate forecast provided in November 2022 … Read more
