Saudi Arabia may reduce its official selling price for oil for Asian buyers in August, unnamed sources told Reuters, adding the move was prompted by a decline in Middle Eastern benchmarks last month. A Reuters survey among five refiners revealed the official selling price for the Kingdom’s flagship Arab Light hit a five-year high for deliveries this month, but […]
Foreign Direct Investment (FDI) to India grew by 6 per cent to $42 billion in 2018, with strong inflows in the manufacturing, communication and financial services sectors, and cross-border merger and acquisition activities, according to a UN report that ranked India among the top 20 host economies for FDI inflows in 2017-18. The World Investment […]
Although refiners in Asia are not left without choice for crude after the end of the U.S. sanction waivers for Iranian oil, the higher price of alternative supplies, as well as soaring fuel exports from China, are depressing refining margins across Asia. Asian oil buyers haven’t had problems in procuring alternate supplies of crude oil […]
Persistent pressure on profit margins has forced Asian refiners to start considering a reduction in their run rates, Reuters reports, citing unnamed sources from the industry. According to the sources, higher international oil prices are behind the unfavorable development, which has seen refiners’ margins drop to the lowest since the spring of 2003, according to Reuters […]
The biggest oil importers in Asia collectively bought 1.57 million barrels per day (bpd) of oil from Iran in March, a 36 per cent surge over February, as buyers rushed to use up the U.S. sanction waivers for Iranian oil purchases before they expire this week, Reuters reported citing government data and trade sources. Asia’s top oil […]
Agriculture prices are projected to fall 2.6 per cent this year but are estimated to rebound in 2020 due to lower crop production and higher costs for energy and fertilisers, the World Bank said in its April Commodity Markets Outlook. Agricultural and food prices are expected to remain stable over the medium term. However, sharp […]
Mining production globally registered its fourth consecutive contraction, falling 7.5 per cent year-on-year in February compared to a 3.3 per cent fall the previous month, Statistics South Africa said in a report. This registers as the largest fall in production since March 2016 when output fell 17.4 per cent year-on-year. Diamonds, iron ore and gold […]
The International Coffee Organization (ICO) has raised its forecast for global coffee production in 2018/19 to 168.05 million 60-kg bags from its earlier estimate of 167.47 million. World consumption in coffee year 2018/19 is estimated at 164.99 million bags compared to 161.38 million bags in 2017/18. The inter-governmental body now sees a global surplus of […]
Global coal demand totaled 3.778 billion tonnes of oil equivalent (Btoe) in 2018, up 0.7 per cent on the year, bolstered largely by increased use in India and Southeast Asia, according to data released by the International Energy Agency. Coal rode the wave of increased demand from several Asian countries, as global energy demand grew […]
India’s oil imports rose 4.6 per cent in February 2019 from a year earlier to about 5 million barrels per day (bpd), according to tanker arrival data from shipping and industry sources. India’s February 2019 imports on the basis of tanker arrivals were at a record high although some cargoes were discharged in March, tanker […]
