Natural gas is a much cleaner source of energy than other alternatives available and is primarily used in priority sectors like power, CNG and fertilizer.

‘The government is making efforts to double the country’s oil refining capacity within the next five years,’ Modi said.

The oil well had first reported a leakage on May 27, soon after which it caught fire.

There is a mismatch between international demand and supply due to the COVID-19 pandemic, and other factors. However, supply cuts and global inventories will decide future prices.

The news was broadcast with some fanfare in Turkey and people greeted it with some hope for the economy.

In India’s case, benign crude prices are not expected to help much, as the benefits are neither being passed on to retail consumers nor to industry.

She accused the government of earning an additional revenue of nearly Rs 2.6 lakh crore through these 'ill-advised' hikes in excise duty and increase in prices of petrol and diesel.

In a speech aired on state TV, Rouhani said the country's economy had stabilised despite punishing US measures against its senior leaders, banking and finance sectors.

Union Minister Dharmendra Pradhan invited global energy majors to invest in the world's fastest growing energy consumer, promising stable policy and regulatory regime.

The Saudi Kingdom calls upon the international community to assume its responsibility in condemning those that stand behind the drone attack on Saudi Arabian oil facilities

The kingdom's decision to enter the International Maritime Security Construct came ahead of a planned visit by U.S. Secretary of State Mike Pompeo.

Nifty 50 lost 185.90 points to settle at 10,817.60, while the Sensex declined by 642.22 points or 1.73 per cent to close at 36,481.09.

A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia’s Aramco has driven oil prices to their highest level in nearly four months.

The eight core sector industries - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - had expanded by 7.3 per cent in July last year.

The Iranian vessel was detained for a month for allegedly attempting to violate European Union sanctions on Syria. Gibraltar authorities rejected U.S. attempts to seize the tanker.

The Grace 1 supertanker, which is carrying 2.1m barrels of oil, was detained on July 4 on suspicion of illegally transporting oil to Syria.

The arrested crew members – the Master, Chief Officer and two Second Mates – were aboard the Panama-flagged supertanker that was detained off Europa Point in Gibraltar, a British Overseas Territory on the Spanish coast, last month.

India has brought down the import of oil from Iran, with which it has historic and cultural ties, to almost zero.

Officials of the Indian Air Force are on the spot and the cause of the accident is being investigated.

The arrested sailors were planning to move stolen crude oil from Nigeria with two foreign vessels, MT Apecus and MT Invictus, believed to be owned by Petrogress Incorporation, which has offices in Nigeria, Greece and the US.