IEA says crude oil prices may rise further in 2018; India’s July bill comes in higher

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Crude oil prices are likely to rise further in 2018 and may remain above $75 a barrel for some time, owing to the geo-political situations across the world — including Iran sanctions and drop in Venezuela’s production, according to the International Energy Agency (IEA). The world may “unfortunately see a further tightening of markets” towards […]

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Iran oil minister to press OPEC on production quotas during the September meet

Oil Minister of Iran, Bijan Zanganeh, will attend the September meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and Russia and will probably press his OPEC partners to preserve original member production quotas, S&P Global Platts reports, quoting an Iranian oil ministry official. The JMMC was formed when the cartel and Russia agreed […]

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Oil prices seen averaging $65 in 2018, metal prices seen rising 9 percent on demand pickup, says World Bank

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More than half of commodity prices (and all non-coal energy prices) are expected to increase in 2018, but four-fifths of them will remain below their 2011 peaks, the World Bank said in its latest Commodity Markets Outlook report, adding that energy prices are forecast to rise 20 percent in 2018—a 16 percentage point upward revision […]

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