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ISPRL is a wholly owned subsidiary of the Oil Industry Development Board (OIDB), which functions under the administrative control of the Ministry of Petroleum and Natural Gas. ISPRL maintains an emergency fuel store of total 5.33 MMT (million metric tons) or 36.92 million barrels (5.870 million cubic metres ) of strategic crude oil enough to ...
Last year, the ISPRL filled the SPRs with cheap oil and it needs to sell some of that to make way for leasing. India has begun selling oil from its Strategic Petroleum Reserve (SPR) to state-run ...
The sale lowered the SPR to its lowest levels in 40 years and was the largest ever release of oil from the SPR. [10] SPR drawdowns continued into 2023, lowering the SPR by 45% from January 2021. [14] Since the 2022 sales, the Department of Energy bought back 32.3 million barrels of oil, aiming to purchase at a maximum price of $79 per barrel. [10]
In 2013, the Chicago Weekly staff changed the name of the organization and newspaper to the South Side Weekly, and began publishing independently of Newcity. [4] [5] In 2022, the Weekly merged with the Hyde Park Herald, the oldest community newspaper in Chicago. Together, the papers reach tens of thousands of readers each week with award ...
Oil futures pared gains on Friday but still notched their biggest weekly increase in more than a year as President Biden aimed to discourage Tel Aviv from targeting Iran’s crude facilities ...
Oil futures jumped more than 2% on Friday as signs of supply tightness sent prices higher. West Texas Intermediate ( CL=F ) futures surged above $80 per barrel during intraday trading for the ...
Energy portal; Crack spread is a term used on the oil industry and futures trading for the differential between the price of crude oil and petroleum products extracted from it. . The spread approximates the profit margin that an oil refinery can expect to make by "cracking" the long-chain hydrocarbons of crude oil into useful shorter-chain petroleum produc
September 12: The United Nations Security Council passes a resolution that allows Iraq to reach the $2.14 billion oil sales limit under its oil-for-food program by December 5. The current 6-month oil sales window, running from June 8 to December 5, will be split into a 120-day segment and a 60-day segment instead of two 90-day segments.