Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters. “Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries,” Birol said, adding “Therefore, I […]
The Indian government has discussed measures to reduce dependency on Gulf for meeting its oil demand with the global oil supplies anticipated to get disrupted in the wake of the killing of Iranian commander, General Qassem Soleimani, in a US drone strike in Baghdad. Following the death of Iran’s top commander, senior officials of the […]
“Iran would have earned $200 billion surplus income…if the country were not involved in an economic war,” President Hassan Rohani made the comments while launching a railway project near Tehran on December 31. The United States imposed new sanctions against Iran after Washington abandoned the 2015 nuclear deal in which Iran agreed to curb its controversial nuclear […]
China is expanding its offshore oil and gas scene, undeterred by compliance, transparency, corruption or environmental issues that plague so many oil-rich countries. Chinese development banks are willing to lend billions to oil-producing countries in Latin America and Africa, and its state-run oil companies are willing to invest in projects others fear to touch. This […]
The American fracking for oil and natural gas boom will continue on through the 2020s. And why not? Since fracking took off in 2008, we have more than doubled our proven oil reserves to ~65 billion barrels. Natural gas reserves have surged over 80% to ~430 trillion cubic feet. Already the largest oil and gas […]
BP’s 2019 energy outlook projects that big things are in store for India’s energy sector. The country’s energy demand is set to balloon by 156 percent by 2040, at which point BP has projected that the subcontinent will account for a whopping 11 percent of global energy consumption–double its current share. admin
India’s exports contracted 1.11 per cent to $26.38 billion in October 2019 while a sharper shrinkage in imports left a trade deficit of $11.01 billion compared with $18 billion last year. Imports shrank 16.31 per cent to $37.39 billion, according to official data released by commerce and industry ministry. Meanwhile, some large export items, such […]
Africa is set to become increasingly influential in shaping global energy trends over the next two decades as it undergoes the largest process of urbanisation the world has ever seen, according to a new report from the International Energy Agency. Africa Energy Outlook 2019, a special in-depth study published today, finds that current policy and […]
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 […]
Saudi Arabia has approached Baghdad with a request to buy crude oil from OPEC’s number-two to compensate for its production outage caused by the Saturday attacks, sources who declined to be named told S&P Global Platts. According to one of the sources, Aramco had asked Iraq’s State Oil Marketing Organization, or SOMO, for some 10 million barrels […]
