OPEC, IEA revise oil demand forecast upwards for this year

Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]

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Malayasia and Brunei in Southeast Asia to increase offshore oil production

Malaysia and Brunei have signed an agreement to develop two offshore oil fields on the maritime boundary, with greater exploration of recent ultra-deepwater discoveries. The governments from both countries signed a unitisation agreement to develop the Gumusut-Kakap and Geronggong-Jagus East offshore oil fields.  Development will be managed by Malaysian state-owned Petronas and Brunei’s National Unitisation […]

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China’s purchase of Iranian crude belies the “official” decline in its oil imports

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China’s crude oil imports are estimated to have declined by 8.81 per cent month over month in March to stand at 11.26 million barrels per day (bpd). However, this assessment doesn’t show massive crude flows from Iran into China last month. In recent weeks, various reports have suggested that China has been considerably boosting its crude oil […]

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Record high incidences of COVID cases could stall India’s oil imports

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India has been reporting record high numbers of new daily COVID-19 cases. Mumbai, the largest city has been put on lockdown, potentially threatening fuel demand and crude oil imports in the world’s third-largest oil importer. The new strict measures in India’s financial center and most populous city are now set to further impact oil consumption and […]

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India to make Chabahar Port in Iran operational by May 2021: US Congressional Research Service

India has accelerated the work on Chabahar Port early this year and the strategic Iranian port is expected to be operational by next month, a US Congressional report said. “In 2015, India agreed to help develop Iran’s Chabahar Port and an associated railway that would enable India to trade with Afghanistan unimpeded by Pakistan,” the […]

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