Commodities rallied 21 per cent in the first half of 2021, making them the top performing asset group ahead of U.S., European, emerging market and non-Japan Asian stocks. The broad-based index of energy, agriculture, industrial metals and precious metals rose the same amount as high-flying Bitcoin, which pulled back after hitting its all-time high of […]
The oil market has been on edge for a while now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said, adding that the current impasse is also threatening to derail the global economic recovery. In June, global oil demand is estimated to have jumped by as […]
Since oil prices exceeded $70 per barrel earlier this year, analysts, economists, and central banks have been fretting about whether higher crude prices could disrupt the momentum in global economic recovery from the pandemic. Most experts argue that inflationary pressure is no doubt rising in developing economies, which are more sensitive than developed markets to […]
On Friday, 16 July, crude oil prices headed for their biggest weekly drop since May this year as expectations of more supplies spooked investors. In India, however, the price of petrol and diesel touched record highs. Mumbai’s petrol cost is the highest across metro cities, standing at a staggering Rs 107.54 per litre. Diesel in the […]
South Sudan is now preparing for its first oil auction, as officials reveal that the country’s four existing blocks have reached and passed peak production and are now in decline. Sudan’s Ministry of Petroleum told Bloomberg that Blocks 3 and 7 in Upper Nile have fallen to 103,000 barrels per day (bpd) from an initial 120,000 bpd, […]
India’s oil demand is expected to get back to normal by the end of the year, following months of uncertainty in the face of a fresh wave of Covid-19 infections. India’s Oil Minister Dharmendra Pradhan told Bloomberg last week. “There are signs of demand resurgence due to lifting of lockdowns and gradual pickup in economy… We […]
India’s Reliance Industries Ltd. will appoint Yasir Othman Al-Rumayyan, the chairman of Saudi Aramco, to its board in what could possibly be seen as a precursor to an investment deal between the two big energy companies. Al-Rumayyan, who is also the governor of the kingdom’s sovereign wealth fund, will join Reliance as an independent director, Chairman Mukesh Ambani, India’s […]
World’s publicly traded oil producers are set to make record profits with crude oil trading above $70 per barrel while investment activity remains low, a Rystad Energy report said. Their combined free cash flow is expected to surge to $348 billion this year, with the previous high being $311 billion back in 2008, the report […]
The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said, just a few weeks after saying long-term oil production must decline to reduce emissions. “OPEC+ needs to open the taps to keep the […]
India’s petroleum product demand is expected to recover from the second quarter of the financial year ending March 2022 (FY22), after stalling in the first quarter due to the resurgence of Covid-19 infections in the country, Fitch Ratings said in a report. However, the overall impact of the current lockdown is likely to be less […]
