Tuesday October 23, 2018
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Oil prices take a plunge amid ample crude supplies

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New York: Oil prices plunged as the market expected crude production from the Organisation of Petroleum Exporting Countries (OPEC) to hit a high in July.

In June, OPEC production increased by 283,000 barrels per day to 31.38 million barrels per day, a three-year high, according to OPEC monthly oil market report on Monday.

Traders also anticipated more Iran crude would come to the already well-supplied oil market as the sanctions are lifted, reported a Chinese media outlet.

US oil companies added more oil rigs this week despite the collapse in crude prices, marking the second straight week of an up-tick in the rig count.

Data showed a weekly rise of five in the number of active US oil drilling rigs to 664, according to oil services company Baker Hughes’ Friday report.

The west Texas intermediate for September delivery moved down $1.95 to settle at $45.17 a barrel on the New York Mercantile Exchange.

Brent crude for September delivery decreased $2.69 to close at $49.52 a barrel on the London ICE Future Exchange.

(IANS)

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SpiceJet To Test A Flight Powered By BioFuel

The success of the flight will pave the way for further testing and aid in fulfilling the central government's move to curtail India's dependence on crude oil imports

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Spicejet, Wikimedia

Budget passenger carrier SpiceJet is set to conduct India’s first test flight which will be partially powered by biofuel, on Monday.

According to sources, a concoction of bio-fuel will power one of the turbine engines of a SpiceJet’s Q400 turboprop flight.

“This will be India’s first test flight using biofuels,” sources said.

“There will be government officials, who will monitor the parameters set up for such a test flight.”

The flight will be operated from Dehradun to Delhi. It will be received by key Cabinet Ministers and airline’s top management at IGI Airport Terminal 2.

 

SpiceJet, Biofuel
A concoction of bio-fuel will power one of the turbine engines of a SpiceJet’s Q400 turboprop flight.

 

Globally, bio-fuel powered flights are operated in Canada.

The development assumes significance as high air turbine fuel (ATF) prices have dented India’s domestic airline sector with all the major players reporting losses for the first quarter of 2018-19.

Currently, fuel prices constitute 45-50 per cent of the overall operations cost of domestic airlines.

Also Read: SpiceJet To Launches A Direct Service on The Kolkata-Dhaka-Kolkata Sector

India’s ATF prices are amongst the highest in the world due to the addition of state levies and taxes. The fuel is not under the GST ambit unlike the bunker fuel used in the shipping industry.

Besides, the success of the flight will pave the way for further testing and aid in fulfilling the central government’s move to curtail India’s dependence on crude oil imports.(IANS)

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The Best Oils To Use For Different Skin Types During Summers

Supriya Malik, beauty expert and founder at Indulgeo Essentials and Dilip Kundlia, founder and beauty expert, Oshea Herbals have logged in a few tips to deal with different skin types

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