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Gasoline prices in the Midwest are the nation's highest, at $1.874. (DJ) June 21: OPEC oil ministers, meeting in Vienna, agree to raise crude oil production quotas by a total of 708,000 barrels per day (112,600 m 3 /d). OPEC's total production quota (excluding Iraq) will rise to 25.4 million barrels per day (4,040,000 m 3 /d) as of
Top 5 oil-producing countries 1980–2022 World oil production. This is a list of countries by oil production (i.e., petroleum production), as compiled from the U.S. Energy Information Administration database for calendar year 2023, tabulating all countries on a comparable best-estimate basis.
Oil India was formed in 1959 to operate this new field and other nearby concessions, with Burmah Oil holding 2/3rd equity holding and Government of India holding 1/3rd equity. Later in 1961, this was changed to 50/50 shareholding. In 1982, Burmah Oil transferred all its shares to Government of India and Oil India became 100% Government owned.
(The data below does not seem to include shale oil and other unconventional sources of oil such as tar sands. For instance, North America has over 3 trillion barrels of shale oil reserves, [ citation needed ] and the majority of oil produced in the US is from shale, leading to the paradoxical data below that the US will finish all its oil at ...
In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18. [16] In February 2020, the company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day of crude in year 2020. [17]
The United States has clarified to India that tankers loaded with Russian oil have to discharge by Feb. 27 under the latest sanctions targeting Moscow's oil revenue, India's oil secretary Pankaj ...
Also based on a 50/50 state-private ownership structure, Petroswede's objective was to search for new opportunities beyond the shores of Sweden. In 1979, the state-owned refining & marketing company Svenska Petroleum acquired parts of Petroswede and launched the new company in the name of Svenska Petroleum Exploration.
Under the second round of New Exploration Licensing Policy, bids were invited by the Government of India 15 December 2000 for 25 blocks for exploration of oil and natural gas. Of these, 8 blocks were deepwater (beyond 400m isobath), 8 shallow offshore and 9 were onland blocks.