India hopes to import more Iranian, Venezuelan crude under Biden: Minister Pradhan

oil-barrles.jpg

India hopes it could diversify its oil suppliers under the new U.S. Administration that could relax restrictions on oil exports from Iran and Venezuela, India’s Oil Minister Dharmendra Pradhan told Bloomberg TV in an interview. “Some geopolitical changes are there,” Pradhan told Bloomberg, referring to expected policies from U.S. President Joe Biden. The Indian minister reiterated […]

Read more

WEEKLY WRAP-UP – Economic disparity post-pandemic not sustainable

IMG_1412.jpg

The new COVID-19 surge remains a near-term threat to the economic recovery. But over the course of the last 10 months, the economy has turned out to be more resilient in adapting to the virus and more responsive to monetary and fiscal policy support than many predicted. The development of several effective vaccines indicates that […]

Read more

ONGC opens 8th hydrocarbon producing basin of India in West Bengal after 60 years

Gazprom-2-oil-rig.jpg

State-owned Oil and Natural Gas Corporation (ONGC) opened India’s eighth hydrocarbon producing basin when it started oil flow from a well in the Bengal basin. Oil production commenced from the well Asokenagar-1 in 24 Pargana district, the company said in a statement. “The well Asokenagar-1 was completed as an oil producer under early-monetisation plan issued by the […]

Read more

COMMENT – Crystal gazing at 2021 commodities cycle – only bet is on the pace of coronavirus recovery

ra-dragon-Uwq_F5G4yOo-unsplash-scaled.jpeg

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 […]

Read more

Only the lowest cost oil reserves likely to be developed over 3-5 years: Moody’s

zbynek-burival-GrmwVnVSSdU-unsplash-scaled.jpg

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 […]

Read more