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Indian Oil goes up value chain, signs fuel supply deal with US

Tuesday, February 19, 2019, 7:48 PM

To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US. The oil marketing company, in a statement released on Monday, said the annual deal is worth $1.5 billion and will be effective for FY20.
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US oil prices hit 3 month high amid OPEC-led output cuts

Tuesday, February 19, 2019, 8:49 AM

U.S. oil prices hit a three-month high on Tuesday, buoyed by production cuts led by the Organization of the Petroleum Exporting Countries. U.S. West Texas Intermediate (WTI) crude futures were at $55.95 per barrel at 0034 GMT, up 36 cents, or 0.7 percent, from their last settlement. Earlier in the session, they marked their strongest since Nov. 20 at $56.33 a barrel.
 
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India launches third round of oil and gas blocks for exploration

Monday, February 11, 2019, 9:19 AM

India on Sunday launched the third bidding round under its open acreage licensing policy (OALP), according to a government statement. Twenty-three-blocks covering an area of 32,000 square kilometers were offered for bidding, out of which 5 are for extraction of coal bed methane. Total exploration acreage is expected to more than triple to 300,000 square kilometres in two years ending 2019, the statement read.

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