Oil prices declined on Tuesday as markets assessed the possibility of increased Venezuelan crude production after the US captured the Latin American country’s president, Nicolás Maduro, reinforcing expectations of abundant global supply this year amid a subdued demand environment. Brent crude futures slipped 0.2% to $61.62 per barrel by 0103 GMT, while US West Texas…
In a stunning turn of events, the US attacked Venezuela over the weekend, captured its leader, Nicolas Maduro, and imposed a naval blockade. The chaos in the Latin American nation, once an oil-producing powerhouse, is being keenly eyed, as this event adds a “geopolitical risk premium” on energy markets. In the initial reaction, Brent crude…
IOCL Chairman AS Sahney ET NOW EXCLUSIVE: Indian Oil Corporation (IOCL) Chairman Arvinder Singh Sahni has said that there is no shortage of crude oil supply globally and currently refining margins remain strong, which is compensating the pressure on marketing margins. He also clarified that the under-recovery on LPG has been largely balanced out and…
