Photo: The Balance
United States To Release Emergency Oil Reserve To Cut Prices
The United States is set to announce a loan of crude oil from its emergency reserve on November 23, as part of a plan to cut energy costs. The action is intended to bring down increasing costs after OPEC and its allies turned down repeated demands from Washington to pump more swiftly to keep up with surging demand. A "swap" from the US Strategic Petroleum Reserve (SPR) will be disclosed soon.
Tags: United States, Crude Oil, oil reserve, Control Energy Corp, FUEL DEMAND
Courtesy: Reuters
Photo: Hindustan Times
India’s Fuel Demand Witnesses Biggest Dip Since April
India’s fuel demand in August plunged the most since April. Petrol sales fell to 7.5%, whereas diesel's demand dipped 12% over July figures. LPG and Kerosene sales declined to 5% and 43% on the annual basis. Industry sources believed that attaining pre-Covid sales may take 3-4 months. Earlier, Oil Minister Dharmendra Pradhan cited lockdown for the delay in rise in demand, and hoped that the sales might normalize by October.
Tags: FUEL DEMAND, Petrol, Diesel, Covid-19, Lockdown
Courtesy: Deccan Herald
