India’s fuel demand rose for the fourth straight month in December 2020, but it was about 2 per cent lower than pre-COVID levels. The total demand for petroleum products in December 2020 fell to 18.59 million tonnes from 18.94 million tonnes a year back, according to provisional data published by the oil ministry’s Petroleum Planning […]
Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. U.S. West Texas Intermediate crude […]
Oil prices plummeted as a new strain of the coronavirus in the UK, found to be spreading faster among people, prompted tougher lockdowns in Britain and many European countries banning flights from the UK. WTI Crude was plunging by 4.20 percent to $47.04 a barrel, while Brent Crude was down by 4.17 percent at $50.12 a barrel, […]
The spread of the Covid-19 pandemic led to lockdowns and economic devastation across the world. The story for commodities was far more nuanced, reflecting that the pandemic was not your run-of-the-mill global recession. The story for 2021 is likely to be dominated by the recovery from the coronavirus, especially since it now seems likely that […]
Only the lowest cost crude oil reserves are likely to be developed over the next three to five years, according to Moody’s Investors Service. It said that Brent crude prices are likely to remain in the range of $45-$65/barrel, while WTI (West Texas Intermediate) crude are likely to get $40-$60/barrel in the medium term. Moody’s said that […]
As oil prices start firming up from decades low, experts are suggesting the Indian government hedge part of its oil import to lock in the low price for the future, Business Standard reports. In India, public sector oil marketing companies (OMCs) don’t hedge oil beyond the level they import immediately. This is done just to […]
Oil prices collapsed to more than two-decade lows as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. The May futures contract for West Texas Intermediate (WTI), which represents the US’ shale […]
The OPEC group of oil producing countries and their allies — including Russia — agreed on Friday to a production cut of 500,000 barrels per day in addition to their current agreement. Ministers gathered at OPEC headquarters in Vienna “decided for an additional adjustment of 500 (thousand barrels per day)”, effective as of 1 January […]
The U.S.-China trade war and the growth of American oil supply will keep crude prices in check, notwithstanding Middle East tensions, according to the head of one of India’s biggest refiners. Brent crude will likely remain in a range of $60 to $70 a barrel and could fall toward $60 if demand worsens, said Mukesh Kumar Surana, […]
India’s trade deficit narrowed to a 17-month low of $9.6 billion in February 2019 as merchandise imports fell on the back of lower crude oil prices. The trade deficit had stood at $9 billion in September 2017. India’s exports rose 2.44 per cent to $26.67 billion in February from a year earlier, while imports were […]
