The oil surplus is going to continue in 2020; average price may rule at $65 a barrel: IEA

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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 […]

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U.S. sanctions have cost Iran $200 billion

“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 […]

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Is China slowly trying to capture the offshore oil market?

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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 […]

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India’s exports contract 1.11% in October 2019; trade deficit narrows

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 […]

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IEA warns of a looming oil glut

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 […]

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