The global oil glut brought about by last year’s lockdowns triggered the Covid-19 outbreak is gone, but market volatility is seen to persist until the pandemic is brough under control, the International Energy Agency (IEA) said in its latest monthly oil market report. “After nearly a year of robust supply restraint from OPEC+, bloated world […]
Accelerating vaccination programmes across countries and rising fuel demand is expected to boost global oil demand by nearly 6 million barrel per day (bpd) this year despite the latest Covid-19 surge in India, a key importer, OPEC has said in its latest monthly demand outlook report. World oil demand is set to average 96.5 million […]
In an unprecedented year for the oil and gas industry, oil production declined by 8% in 2020, while global gas flaring reduced by 5%, according to satellite data compiled by the World Bank’s Global Gas Flaring Reduction Partnership (GGFR). Oil production dropped from 82 million barrels per day (b/d) in 2019 to 76 million b/d in 2020, as […]
Russia’s President Vladimir Putin is starting to feel the heat of new U.S. sanctions, as Washington is putting some additional bite into its confrontation with Moscow. At the same time, new sanctions are looming on the horizon, looking at the tensions at the Russian-Ukrainian border. US President Joe Biden, however, seems not to be satisfied […]
Saudi Arabia could save over $200 billion over the next decade by replacing liquid fuel used for domestic consumption with gas and renewable energy sources, the finance minister said, as the kingdom seeks to cut costs to fund investments, reports Reuters. IAC Desk
Higher Chinese crude oil imports and increased domestic production led to a jump in crude volumes directed to storage in the world’s top oil importer in March 2021, but analysts said that trend is expected to slow down after this month. Chinese crude imports, reported by the customs, were higher in March compared to the […]
Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]
India has been reporting record high numbers of new daily COVID-19 cases. Mumbai, the largest city has been put on lockdown, potentially threatening fuel demand and crude oil imports in the world’s third-largest oil importer. The new strict measures in India’s financial center and most populous city are now set to further impact oil consumption and […]
Saudi Aramco, the world’s largest crude oil exporter, lowered its guidance for capital expenditures (capex) for 2021 even amid a pick-up in demand for oil and natural gas in Asia. The oil firm’s capex will be around $35 billion this year, down from previous guidance of $40 billion to $45 billion, Aramco said in a […]
Indian refiners are going shopping as far as North and South America, buying some crude grades for the very first time, as the world’s third-largest oil importer looks to diversify its oil imports away from the Middle East, according to OilPrice.com. IAC Desk
