OIL AND NATURAL GAS CORP
India seeks private investors to build its largest strategic petroleum reserve in Odisha at ₹8,571 crore cost
India is seeking private investors to build a 4-million-tonne strategic petroleum reserve at Chandikhol in Odisha at an estimated cost of ₹8,571 crore. The facility will increase the country’s existing strategic crude storage capacity by 80%.
Iran warns of winter gas cuts as war damage deepens supply crunch
Iran is facing potential gas shortages this winter due to damage from ongoing conflict with the United States. Government officials have predicted a significant shortfall of 430 million cubic meters in gas supply this year. This has been aggravated by outdated infrastructure and an ongoing US blockade impacting its ports. Citizens are urged to reduce gas consumption to mitigate supply issues expected this winter.
India's battered rupee finds an unlikely rescue party in cheaper oil and Wall Street's AI rout
As crude oil prices fall, India's import costs see a positive shift, bolstering the rupee's steadiness. The return of foreign portfolio investors to the Indian equities market, following significant sell-offs in October, has led to the rupee appreciating against the dollar. Enhanced energy supply is expected to mitigate inflation risks, contributing to a potential stabilization range of ₹92 to ₹93 per dollar for the currency.
Moody’s raises India FY27 growth forecast to 7% as economy weathers Iran war energy shock
Moody’s Ratings has raised India’s FY27 growth forecast to 7% from 6.5%, citing resilient domestic consumption, improving investment and the economy’s ability to absorb the Iran war-induced energy shock. Robust capital goods activity and industrial credit growth point to a possible private capex revival, though inflation and tighter monetary policy pose risks.
Eurozone bond yields fall as lower energy prices ease inflation concerns
On Tuesday, government bond yields in the Eurozone experienced a notable drop, particularly for French and Italian bonds. The easing of inflation worries, attributed to falling oil and natural gas prices, enhanced demand for bonds. Germany's 10-year bond yield fell to 3.25%, while France's decreased to 4.69%. Boosted by the US President's calming remarks, market sentiment improved, especially for nations that had faced challenges in their bond markets.
Heat-trapping carbon pollution drops, but scientists cite the Iran war rather than energy progress
This year, global carbon emissions fell by 0.4%, driven by oil supply disruptions from the conflict in Iran. While oil and natural gas emissions experienced notable declines, there was a small uptick in coal emissions. Experts caution that these improvements may not be guaranteed, attributing them primarily to external influences.
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US: Senate advances sweeping energy legislation in first major action since midterm elections
The Senate voted 73-25 to formally take up the bill, which senators and the president have pushed as a way to meet growing demand for electricity and other forms of energy that now face yearslong delays in getting to the grid.
India’s LNG buyers eye flexi deals to cut risks after Iran war hit Qatar supply
Indian LNG buyers are seeking more flexible long-term supply contracts after the Iran war disrupted shipments through the Strait of Hormuz and almost halted imports from Qatar. Gujarat Energy has signed a 10-year deal with ADNOC for 4 million tonnes of LNG from 2028, while Petronet LNG is negotiating to include US-sourced gas in its renewed 20-year contract with QatarEnergy.
Time to be contrarian? Are analysts behind the curve? 5 stocks from two segments of the oil and gas space
The tensions that drove oil higher are still lurking under the surface. A single statement, or a single strike, and they can surface again within days. Another round of trouble cannot be entirely ruled out. And if it comes and oil climbs again, much of the contrarian case we are making weakens with it. So the improvement is real, but it is not yet fully safe.
Karnataka stands by E20 report, seeks nationwide third-party fuel testing
Karnataka has intensified its allegation regarding petrol containing ethanol levels exceeding the 20% limit. The state government is seeking independent testing from accredited laboratories and urges other states to conduct similar inspections. Food and Civil Supplies Minister Rizwan Arshad released test results indicating ethanol content as high as 31.2% in various petrol samples. Oil marketing companies have denied these allegations and questioned the sampling methodology used by Karnataka.
US gas prices drop after midterm elections as oil falls below $100 - But will the relief last?
Gas prices in the United States have recently seen a welcomed dip, giving consumers a much-needed break from rising costs. This decrease coincided with the aftermath of the 2026 US midterm elections, providing hope for reduced hostilities related to the Iran war. Nonetheless, experts advise caution, indicating that electoral outcomes alone cannot mitigate the complex geopolitical challenges influencing oil supply and prices, particularly with ongoing tensions like the Russia-Ukraine conflict.
When wars and AI cast a shadow, India has pressed a power reset
India’s renewable energy expansion is reshaping its energy security, cutting dependence on imported coal and natural gas as wars, oil supply disruptions and AI-driven electricity demand put pressure on power markets. An International Energy Agency report says clean energy saved India over $100 billion in fuel imports between 2011 and 2025, with cumulative savings potentially reaching $240 billion by 2030.
Gas hunt: RIL, ONGC, BP may share $1-billion infra facility
The shared infrastructure, under the $1-billion plan, model aims to reduce development costs, eliminate standalone facilities for smaller discoveries and improve operational efficiency and commercial viability.
Karnataka ethanol row: DK Shivakumar alleges excessive blending, promises evidence and documents on Monday
Karnataka Chief Minister DK Shivakumar has backed allegations of excessive ethanol blending in petrol sold in the state, claiming levels exceed the approved E20 limit. He said samples had been collected from 67 locations and an investigation was underway, with a minister set to present evidence and documents on Monday.
E20 petrol supplied by PSU oil firms meets prescribed quality standards: Oil Min
The government's statement confirmed compliance of 893 petrol samples with prescribed ethanol content standards. Karnataka's Department of Food contested these findings, claiming higher ethanol levels in some petrol samples. Oil marketing companies asserted their sampling procedures were not followed during inspections in Karnataka. They requested access to sampling documentation and proposed joint testing of the ethanol content.
IOCL, BPCL, HPCL dispute Karnataka's claim of excess ethanol in petrol, seek fresh tests
Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation have disputed Karnataka's ethanol content claims in petrol. They reported testing showing their supplies adhere to prescribed ethanol standards. The companies also raised concerns about the sampling and testing methods used by the state government. They noted discrepancies in density readings related to the alleged high ethanol content.
Karnataka finds ethanol content above E20 limit in petrol samples, seeks action against OMCs
The Karnataka government has accused oil marketing companies of exceeding the mandated ethanol content in petrol. Tests conducted on petrol samples showed levels surpassed the legal 20% threshold significantly. The government plans to submit its findings to the Centre and seek appropriate actions against the companies involved. It has also demanded a compensation fund and clearer disclosures at fuel stations.
ONGC uses stuck Russian dividend dues for Sakhalin fund, seeks operatorship of Venezuela oilfields
ONGC has utilized funds from its Russian dividends to meet its obligations for the Sakhalin-1 abandonment fund. The company is negotiating with Venezuela's PDVSA to take operational control of the San Cristobal and PetroCarabobo projects. This move is expected to enhance ONGC's ability to recover historical dividends and improve cash flow management. Discussions with relevant parties have progressed, and new agreements are anticipated soon.
India's Karnataka finds fuel samples exceeding 20% ethanol limit, state minister says
Surveys indicate that 80% of petrol stations in Karnataka are breaching the 20% ethanol limit in petrol sales. To address this, officials gathered 63 samples for testing after oil companies neglected to reveal ethanol percentages. The introduction of E20 petrol aligns with India's objectives to cut crude imports while boosting ethanol production.
Gujarat Energy-ADNOC sign pact for procuring 4 million tonnes of LNG
Gujarat Energy has signed a long-term Sales and Purchase Agreement with Abu Dhabi National Oil Company. This agreement will allow Gujarat Energy to procure up to 4 million tonnes of LNG within ten years. The procurement will start in 2028, marking the first purchase from XRG’s international portfolio. This agreement represents ADNOC’s fifth LNG supply agreement in India.
Adani CNG price crosses Rs 100 per kg mark in Ahmedabad for first time
Adani CNG prices in Ahmedabad have crossed Rs 100 per kg for the first time in history. This price hike has increased rates from Rs 98.47 to Rs 100.77 per kg. In Vadodara, CNG prices have also risen, reaching Rs 98.95 per kg recently. Currently, petrol prices in Ahmedabad are slightly higher at Rs 101.83 per litre. These changes have brought CNG prices closer to petrol rates in the region.
ONGC Q2 profit jumps 57% to Rs 15,489 crore on higher oil prices, rupee depreciation
ONGC has reported a significant 57% increase in quarterly profit, reaching Rs 15,489 crore. The profit surge is attributed to higher oil and gas prices combined with rupee depreciation. Gross revenue also rose by 33% to Rs 43,875 crore during the July-September quarter. The company announced an interim dividend of Rs 8 per share, marking its highest-ever interim dividend.
India's natural gas demand to decline 2% in 2026 despite 10% rise in LNG imports: IEA
The trend highlights the challenges facing India's gas market as disruptions to global LNG supplies through the Strait of Hormuz and elevated international prices reshape supply and consumption patterns. The IEA said the outlook would remain influenced by global supply availability and domestic production trends.
US Midterm Elections: Democrats won Congress. Can they bring gas prices below $4? Here’s what can happen next
Democrats will take control of Congress in January and with U.S. gas prices still above $4 a gallon as of November 4. Their strongest option may be to use spending talks to pressure Donald Trump over the Iran war. Whether drivers see much relief could depend on what happens in the Strait of Hormuz.
India opens special deepwater oil, gas bidding round, offers to fund up to 50% of well costs
India is launching a special licensing round for deepwater and ultra-deepwater oil and gas blocks under its ₹84,084 crore Samudra Manthan offshore exploration scheme. The government will offer monthly bidding windows and fund up to 50% of eligible exploratory drilling costs, aiming to attract investors, accelerate offshore exploration, unlock hydrocarbon reserves and reduce India's dependence on imported oil and gas.
Oil Price Today (November 3): Crude oil rebounds to $105 as fresh attacks outweigh peace talks. What are experts saying?
Crude oil price : Oil prices experienced a slight increase following reports of a US strike on Iran's Qeshm Island. Concerns have risen regarding the potential escalation of the ongoing conflict in the Middle East. Goldman Sachs has revised its oil price forecasts upward, contemplating a possible future increase to $140 per barrel. Meanwhile, Tehran continues discussions with the US to seek peace despite ongoing military tensions.
Vedanta Oil and Gas shares jump 14% in 2 days, m-cap swells by Rs 1,600 crore after Q2 results
Vedanta Oil and Gas shares jumped 6% on Monday after rallying 8.5% in the previous session, adding nearly Rs 1,600 crore to its market capitalisation. The gains followed a strong Q2 performance, with the company reporting a net profit of Rs 746 crore against a loss of Rs 91 crore a year ago, despite a sequential decline.
2 tankers explode after allegedly hitting naval mines in Strait of Hormuz, Iran claims
Iran's Islamic Revolutionary Guard Corps reported that two oil tankers exploded in the Strait of Hormuz after striking naval mines. Both vessels allegedly ignored warnings about using restricted routes and had switched off their navigation systems. The UK Maritime Trade Operations issued a warning about an incident in the same area involving a merchant vessel.
Oil Price Today (November 2): Crude oil falls to $111 as Iran-Qatar talks continue to end war. What are experts saying?
Crude oil price : Oil prices have plummeted dramatically, impacting Brent and WTI crude significantly. As Iranian and Qatari officials engage in talks to mitigate tensions from the US-Israeli conflict regarding Iran, the situation is further aggravated by security threats and oil tanker assaults in the Strait of Hormuz. Experts warn of ongoing price instability post-US midterm elections, creating an unpredictable environment for global energy supply chains and market responses.
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