Govt planning to launch National Mission on Edible Oil in the near future

It is being believed that the Budget for 2020-21 may allocate funds for a national Mission on Edible Oil.  As edible oil is being imported more and more, India needs to address improving domestic availability. Two thirds of the country’s domestic edible oil demand is being met by imports. “The government is seriously concerned about […]

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The oil surplus is going to continue in 2020; average price may rule at $65 a barrel: IEA

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Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters. “Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries,” Birol said, adding “Therefore, I […]

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Rio Tinto’s ‘green’ aluminium on track for 2024 after sale to Apple

Australian mining giant Rio Tinto and its joint venture partner Alcoa are quietly confident a new green aluminium product made using “breakthrough” technology is on track to be commercially available by 2024, reports Mining.com. The two companies’ Montreal-based joint venture, Elysis, sold the world’s first batch of the aluminium, which uses technology that removes carbon […]

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Rain, early snows delay U.S. harvest in latest blow to farmers; exports to Asia to be affected

Excessive rains and an October snowstorm have stalled the harvest in the U.S. grain belt’s northern tier, one more blow to farmers already struggling with the effects of planting delays and a trade war that has pressured commodity prices, reports Reuters. The corn and soybean harvests are especially delayed in North Dakota and Minnesota – […]

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ArcelorMittal to review its Canadian and Brazilian iron assets

The Mittals-owned ArcelorMittal is evaluating a potential sale of some of its iron ore operations, as the world’s biggest steelmaker seeks to cut debt by divesting non-core businesses, reports Bloomberg. The company is reviewing its iron ore assets in Canada, Brazil and Liberia. ArcelorMittal is reported to be speaking with financial advisers about options including […]

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IGC revises down global grain production forecast

The International Grains Council (IGC) has cut its 2019/20 forecast for total grain production, which comprises wheat and coarse grains, to 2148 million tonnes, down 8 million tonnes from the June estimate. The inter-governmental body lowered its 2019/20 global wheat crop forecast by 6 million tonnes to 763 million tonnes, reflecting diminished crop outlooks in […]

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Kuwait plans overseas expansion of Natural Gas

State-owned Kuwait Petroleum Corporation (KPC) aims to significantly raise production from its assets in Canada and Australia. The acting CEO of Kuwait Foreign Petroleum Exploration Company (KUPFEC), Sheikh Nawaf Saud Al-Sabah, told Bloomberg that KUPFEC plans to raise production from Canada’s shale gas project Kaybob Duvernay from some 12,000 barrels of oil equivalent per day […]

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