IEA warns of a looming oil glut

If global oil demand growth continues to languish with uncertainties around the global economy and Brexit, the oil market will likely have to cope with another oversupply next year, according to the International Energy Agency (IEA).  “Unless other things change, we will see a surplus probably, unless there is very strong demand growth recovery,” Keisuke […]

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Drone attack on Saudi Oil facilities to hit India’s fuel import bill – report

The strikes on key Saudi oil facilities will hit India’s oil import bill and the Indian Rupee will be the immediate casualty, Singapore’s DBS Banking Group said. The coordinated strikes on Saturday, targeting Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield led […]

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India’s LNG imports rise 4.6% in June 2019

India’s liquefied natural gas (LNG) imports rose 4.6 per cent year-on-year and 15.6 per cent month-on-month to 91 million metric standard cubic meter per day (mmscmd) in June, according to data from the Petroleum Planning & Analysis Cell and Ministry of Petroleum and Natural Gas. Lower domestic natural gas production in June coupled with higher […]

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ONGC aims to double oil, gas production; to expand refining capacity threefold: Report

State-owned Oil and Natural Gas Corp (ONGC) has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity three-fold alongside diversification into renewables in a new vision document for 2040.  ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong […]

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Reports indicate Iran could be China’s oil weapon

Two reports out this week which could greatly impact oil prices indicate that leaders in Tehran are desperately urging China to purchase more Iranian crude:  First, Reuters notes China continued importing Iranian oil in July for the second month since a US sanctions waiver ended, though at greatly diminished levels compared to the year prior, citing numbers from three data firms: According to […]

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Never-ending trade war sinks commodities into a world of trouble: Bloomberg

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The U.S.-China trade war is sparking so much fear over demand that even those parts of the commodity world that aren’t in the direct firing line are getting burned, says a report by Bloomberg Oil had its biggest sell-off in four years after U.S. President Donald Trump brought an abrupt end to a truce forged […]

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