Brent Crude prices are expected to average $62.50 a barrel next year, down from $65 this year as slowing global economic growth could impact oil demand growth, Dmitry Marinchenko, senior director at Fitch Ratings, told Reuters in an interview published on Friday. Fitch sees Brent Crude prices falling further down in coming years, to average $57.50 a […]
Unable to secure a waiver extension from Washington to continue buying Iranian oil, Japanese refineries are putting the brakes on further imports in order to give payments enough time to be processed under the existing waiver. In total, Japanese refiners purchased over 15 million barrels of Iranian crude from January through March, but the waiver […]
Air travel is booming, with the number of air passengers set to double over the next twenty years. Aviation demand is particularly evident in in the Asia Pacific region, where growing economic wealth is opening new travel opportunities. Aviation accounts for around 15% of global oil demand growth up to 2030 in the IEA’s New […]
Indian state refiners will lift 8 million barrels of Iranian oil in April, a decline of about 12 per cent from the previous month, a Reuters report quoted industry sources, as the nation is in talks with the United States to renew the waiver from U.S. sanctions against Tehran. The United States introduced sanctions aimed […]
The United States will drive global oil supply growth over the next five years thanks to the remarkable strength of its shale industry, triggering a rapid transformation of world oil markets according to the International Energy Agency’s (IEA) annual oil market forecast. By the end of the forecast, oil exports from the United States will […]
Despite higher requests from customers, Saudi Arabia will be keeping its April crude oil exports at below 7 million bpd, a Saudi official told Reuters, signaling that OPEC’s biggest producer is set to do ‘whatever it takes’ to rebalance the market and support oil prices. Saudi Aramco will be keeping its crude oil exports this month […]
Russia’s largest oil producer, state-run Rosneft, plans to open a trading arm in Singapore in a bid to boost its crude sales on the fastest-growing oil market in the world, a Reuters report said last week, citing six sources with knowledge of the company’s strategy. Rosneft registered Rosneft Singapore at the end of last year […]
Saudi Arabia will invest US$100 billion in India’s infrastructure and energy industry as it seeks to strengthen its position in the country that is registering the fastest growth in oil demand. “We want Saudi Aramco to be a household name in India,” Energy Minister Khalid al-Falih said, adding that India was the number-one priority for the […]
China’s plan to create a giant oil and gas pipeline company this year as part of its effort to reform the state-owned petroleum industry will shake up the petroleum sector, China Daily said in a report. The new oil and gas pipeline company, which is likely to be established around the middle of this year, […]
OPEC’s biggest producer Saudi Arabia would need oil prices at US$80-85 per barrel in order to balance its 2019 budget, Jihad Azour, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), told Reuters. Saudi Arabia’s officials, including Energy Minister Khalid al-Falih, don’t discuss publicly ‘targeted oil prices’ or a desired […]