Rebounding global oil consumption amid tight supply—contrary to some forecasts last year that indicate demand may have peaked or was close to its peak—as well as years of underinvestment in new supply following the 2015 crash, have prompted Wall Street banks to raise significantly their projections for oil prices in the short and medium term. […]
Sri Lanka has sought a $ 500 million credit line from India to pay for its crude oil purchases amid a severe foreign exchange crisis in the island nation. The move came few days after Sri Lanka’s energy minister Udaya Gammanpila warned that the current availability of fuel in the country can be guaranteed only […]
A new energy economy is emerging around the world as solar, wind, electric vehicles and other low-carbon technologies flourish, but this clean energy progress is still far too slow to put global emissions into sustained decline towards net zero, the International Energy Agency (IEA) said in its new World Energy Outlook. “The world’s hugely encouraging clean […]
Just ahead of the winter season, Europe’s natural gas crunch has created a snowball effect in global energy markets. What started as very low gas inventories in Europe during the summer is now spilling over into oil, natural gas, and coal prices all over the world, with no quick fix or signs of a major […]
More than 80% oil mills would remain shut across Gujarat due to shortage of raw materials – groundnut and cotton – till the beginning of new season from mid-October. Of the nearly 1,000 oilseed crushing units in Gujarat, more than 800 are already closed, said Samir Shah, president of Gujarat State Edible Oils and Edible […]
S&P Global Platts Analytics expects India’s oil products demand to grow by an average of around 250,000 barrels per day (bpd) every year over the next decade, supported by population growth and a steady rise in disposable personal incomes. The International Energy Agency recently said that India could witness the biggest increase in energy demand […]
Returning to power in Afghanistan after a 20-year gap, the Taliban have regained control of natural resources that a former mines minister of the country once said could be worth up to $3 trillion. That estimate was made toward the end of the last commodities supercycle in 2010 and could be worth even more now, […]
Petroleum Minister Hardeep Singh Puri promised an open-door policy to resolve any issue faced by the industry as he sought foreign and private investments to boost domestic oil and gas production. At an investor meet called to promote India’s latest offering of discovered fields for bidding, Puri said India, besides offering the world’s fastest-growing energy […]
India’s crude oil imports tab for the first quarter of its financial year soared by 190 per cent to $ 24.7 billion although volumes only grew modestly, by 14.7 per cent year-on-year. The increase in the import bill came despite the fact fuel consumption has yet to recover to pre-pandemic levels. The substantial increase also […]
Every week since April this year, Chinese authorities have announced measures to control the price of many commodities, including energy and metals. China has been trying to cool surging commodity prices by releasing inventory from its strategic reserves. The higher prices of oil, coal and metals have raised manufacturing costs, slowed down factory activity growth, and increased inflation […]
