oil

OPEC countries including Russia may extend production cuts of 9.7 million barrels per day, or about 10% of global output into July or August

Traders shrugged off a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump

India has also seen petrol, diesel and ATF demand crashing, overall demand has fallen by about 70 percent

Oil investors are concerned travel advisories, other restrictions and any sizable impact on growth.

India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017.

US oil added 61 cents, or 1 per cent, to USD 60.22 after falling nearly 5 per cent in the previous session.

Sources have said the company could sell 1 per cent-2 per cent on the Saudi stock market in what could be the world's largest listing.

India wants to be the new destination for global energy players, said oil minister Dharmendra Pradhan.

Per capita energy consumption in India is only about one-third of the world's average.

A growing demand in India amid a global slowdown and government policies have made investments and returns attractive.

Total is the third foreign oil major to enter India’s gas sector after BP Plc and Shell.

Govt is giving special impetus to develop gas infrastructure across the length and breadth of the country, said the Oil Minister.

There has been an international chorus accusing Iran of being behind these attacks on Saudi oil facilities.

'It is a gross violation of the basic norms of international relations,' foreign ministry spokesman Geng Shuang said.

Thousands of employees and contractors have been pulled from other projects to work around the clock in bringing production back.

The company has not given a specific timeline for the resumption of full output.

A massive drone strike on the world's largest crude-processing facility operated by Saudi Arabia's Aramco has driven up oil prices.

Drones claimed by Yemen's Houthi rebels attacked the world's largest oil processing facility in Saudi Arabia.

Brent soared almost 20 per cent at one point on Monday, while WTI surged around 15 per cent before paring the gains.

Saudi Arabia has spent billions on military hardware but recent events have underscored the vulnerability of its infrastructure to attack.