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 […]
The strikes on key Saudi oil facilities will hit India’s oil import bill and the Indian Rupee will be the immediate casualty, Singapore’s DBS Banking Group said. The coordinated strikes on Saturday, targeting Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield led […]
Oil prices plunged last Friday after China unveiled new tariffs on $75 billion worth of American goods, a move that reignited fears about a global economic slowdown. China’s higher tariffs hit American soybeans, pork, beef, and interestingly, crude oil as well. China had become a major buyer of U.S. shale oil in recent years and has refrained from hitting […]
India’s liquefied natural gas (LNG) imports rose 4.6 per cent year-on-year and 15.6 per cent month-on-month to 91 million metric standard cubic meter per day (mmscmd) in June, according to data from the Petroleum Planning & Analysis Cell and Ministry of Petroleum and Natural Gas. Lower domestic natural gas production in June coupled with higher […]
State-owned Oil and Natural Gas Corp (ONGC) has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity three-fold alongside diversification into renewables in a new vision document for 2040. ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong […]
Two reports out this week which could greatly impact oil prices indicate that leaders in Tehran are desperately urging China to purchase more Iranian crude: First, Reuters notes China continued importing Iranian oil in July for the second month since a US sanctions waiver ended, though at greatly diminished levels compared to the year prior, citing numbers from three data firms: According to […]
The U.S.-China trade war is sparking so much fear over demand that even those parts of the commodity world that aren’t in the direct firing line are getting burned, says a report by Bloomberg Oil had its biggest sell-off in four years after U.S. President Donald Trump brought an abrupt end to a truce forged […]
A well-supplied global oil market means that consumers need not worry too much about the developments in the critical Strait of Hormuz, including the recent seizure of a UK-flagged oil tanker, where a standoff is on between Iran and other powers, the International Energy Agency (IEA) has said. The IEA said it was closely monitoring […]
