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Spread Of COVID-19 Delta Variant Knocks Oil Demand Outlook: Report
"Growth for the second half of 2021 has been downgraded more sharply, as new COVID-19 restrictions imposed in several major oil consuming countries, particularly in Asia, look set to reduce mobility and oil use," the Paris-based IEA said.
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India's Petrol, Diesel Sales Fall As Rains Hit Mobility
Easing restrictions by provincial governments as coronavirus infections subside had led to an increase in auto fuel demand last month. However, heavy monsoon rains in some parts of the country caused large scale flooding in early August, reducing demand for diesel and petrol.
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India Starts Selling Oil From Strategic Reserves After Policy Shift
India, the world's third-biggest oil importer and consumer that imports over 80% of its oil needs, is mirroring a model adopted by countries such as Japan and South Korea in its commercialisation of its Strategic Petroleum Reserves (SPRs).
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India Says To Exceed Emission Cut Targets, Further Reduction Hinges On Climate Fund
As part of its pledge under the 2015 Paris climate agreement India, the world's third-biggest carbon emitter after China and the United States, is supposed to reduce its carbon footprint by 33-35% from 2005 levels by 2030.
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Oil Jumps 5% After 7 Days Of Losses, Boosted By Weaker Dollar
While the pandemic drags on fuel demand, supply is steadily increasing. U.S. production rose and drilling companies added rigs for the third week in a row, services company Baker Hughes said.
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India Refiners' July Crude Processing Catches Up With Demand Rebound
Fuel demand also climbed last month to its highest since April as pandemic restrictions and lockdowns were unwound in most states.
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Oil Extends Rally, Rises Over 1% On U.S. Fuel Demand Recovery
Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020.
Read More →Oil Posts Biggest Weekly Gains In Over A Year Ahead Of Hurricane Ida
For the week, Brent gained over 11% and WTI rose more than 10%, which was the biggest weekly percentage gains for both since June 2020.
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Western Digital-Kioxia In Talks To Create Chipmaker Giant: Report
The companies could reach an agreement as early as mid-September, and Western Digital CEO David Goeckeler would run the combined firm, the person said, requesting anonymity to discuss confidential matters.
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Oil Rally Falters On Pandemic Surge, Renewed Mexico Supply
Fresh COVID-19 outbreaks fueled by the Delta variant raised concerns about the strength of the economic recovery globally.
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Indian Oil Expands JV With Malaysia's Petronas To Focus On LNG Plants
IOC is investing 1 trillion Indian rupees ($13.49 billion) to raise its refining capacity by 25 million tonnes a year in next 2-5 year, Vaidya said, adding his company aims to maximise yields of chemical products.
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Alphabet's Waymo To Stop Selling Lidar Self-Driving Car Sensors
The move to stop selling lidars comes after the departure of CEO John Krafcik and some other executives, which had fueled questions about whether Waymo would rethink its strategy after failing to generate significant revenue for over a decade.
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Biden Admin Defends Approving Licenses For Auto Chips For Huawei
Huawei was placed on a U.S. trade blacklist in 2019, after the Trump administration said it was operating contrary to national security and foreign policy interests.
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Malaysian Chip Makers Still Struggling To Meet Demand, Association Says
Several automakers and semiconductor companies have said this month that pandemic-related disruptions in the Southeast Asian nation were hitting their supply chains.
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Nuro To Invest $40 Million To Set Up Manufacturing, Testing Units In U.S.
In June, the Autonomous delivery startup Nuro had teamed up with package delivery company FedEx Corp and signed a multi-year agreement to test self-driving vehicles.
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Geely's EV Brand Zeekr Raises $500 Million In First External Funding
Investors also included Cathay Fortune Corporation, which invests in mining companies, and private-equity firm Boyu Capital that additionally signed long-term investment partnerships with Zeekr, the carmaker said in a statement.
Read More →Oil Extends Rally, Rises Over 1% On U.S. Fuel Demand Recovery
Refiners have ramped up production to 92.4% of operable capacity, the highest since late June, helping send U.S. crude inventories to the lowest since January 2020.
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India's New LNG Plant Starts Next Year; To Boost Import Capacity By 12%
India, the world's fourth largest LNG importer, wants to raise the share of natural gas in its energy mix to 15% by 2030, from the current 6.2% to cut emissions.
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U.S. Approves Licenses For Huawei To Buy Auto Chips: Report
People familiar with the application process told Reuters the U.S. has granted licenses authorizing suppliers to sell chips to Huawei for such vehicle components as video screens and sensors.
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Google Self-Driving Spinoff Waymo Begins Testing With Public In San Francisco
The company's all-electric Jaguar I-PACE SUVs initially are serving the more residential western and southern portions of the city, including Richmond and Bernal Heights.
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