The International Energy Agency (IEA) said that severe new lockdown measures amid surging Covid cases in China have led to a downward revision in its expectations for global oil demand in 2Q22 and for the year as a whole. “Weaker-than-expected demand in OECD countries at the start of the year added to the decline. As […]
Surging oil, gas, and power prices together with the European Union (EU)’s goals of becoming less dependent on Russian supplies and post-Covid-19 pandemic inflation will catapult global energy spending this year to $2.1 trillion, Rystad Energy research shows. A concern in energy markets is that the ongoing war in Ukraine will derail the energy transition, […]
Developing Asia’s economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook. […]
Billionaire Anil Agarwal’s Vedanta Ltd said it will invest $ 1.5 billion across its oil and gas, zinc and steel businesses. Vedanta’s board in a meeting approved $ 687 million capital spending for drilling of new wells at the firm’s oil and gas unit, Cairn Oil & Gas, it said in a stock exchange filing. It also […]
Australia’s resources and energy export earnings are forecast to surge to a record-high $425 billion for 2021-22, according to the latest report from the Department of Industry, Science, Energy, and Resources’. Minister for Resources and Water Keith Pitt said the latest forecast is up a stunning 12 percent on the December 2021 quarterly projection of […]
Indian traders have started loading 40,000 tonnes of rice for prompt shipment to Sri Lanka in the first major food aid since Colombo secured a credit line from New Delhi, Reuters reported. The Indian Ocean island nation of 22 million people is struggling to pay for essential imports after a 70% drop in foreign exchange […]
The Solvent Extractors’ Association (SEA) has undertaken a Mustard Mission along with Solidaridad to help increase India’s rapeseed production to 200 lakh tons by 2025. This can be achieved by improving productivity by providing better inputs and technology to the farmers and encouraging the crop diversification from water-intensive surplus wheat and rice to mustard, said […]
China has said it would raise its annual total energy production capacity to more than 4.6 billion metric tons of standard coal by 2025, with its annual crude production gradually rising to around 200 million tons and an annual natural gas output exceeding 230 billion cubic meters. According to the modern energy system plan under […]
The oil shock that the world is experiencing thanks to Russia’s invasion of Ukraine could have a long-term impact on the global economy, just as the 1973 crisis did and changed the way the world looked at its energy needs. Oil prices hit a high of $140/barrel earlier this month before falling to around $100/barrel […]
The outlook for global GDP growth has deteriorated significantly as inflation challenges intensify and Russia’s invasion of Ukraine threatens global energy supplies. Fitch Ratings’ March 2022 Global Economic Outlook sees world GDP growth reduced by 0.7pp in 2022 and sharp upward revisions to inflation forecasts. “Global inflation is back with a vengeance after an absence […]
