The world in a state of flux; IMF warns of “Clouds on the Horizon”

The International Monetary Fund (IMF) revised down its forecast for the Asian economy amid the mounting COVID-19 fallout, projecting a 1.6 per cent contraction in 2020, and warning of “clouds on the horizon.” The latest projection is a downgrade to the forecast of zero growth in the April World Economic Outlook (WEO), indicating stronger global […]

Read more

PetroChina taps mega oil reserve in Xinjiang – report

PetroChina has accelerated exploitation of the Mahu Oilfield in the Junggar Basin, in northwestern Xinjiang that has a proven oil reserve exceeding one billion tonnes, state news agency Xinhua said. Xinhua quoted the company as saying that the mega Mahu Oilfield now produces nearly 6,000 tonnes of crude oil per day, and is expected to […]

Read more

Australia says resource and energy export earnings to fall, but from record highs

The current global downturn triggered by the COVID-19 pandemic is affecting commodities in a wide variety of ways, but Australia’s overall export outlook is still relatively strong, a government report said, adding that export earnings are estimated to set an all-time record in 2019–20. The report by Australia’s Department of Industry, Science, Energy and Resources […]

Read more

Past week highlighted looming crisis, uncertain recovery for commodities

48A1708-scaled.jpg

The World Economic Outlook (WEO) has forecast global growth at –4.9 per cent in 2020, 1.9 percentage points below the April 2020. The COVID-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast. According to […]

Read more

India’s oil and gas sector pledges to step up use of domestic steel: Minister Pradhan

India’s oil and gas sector will be intensifying its use of domestically-manufactured steel with an aim to boost the metal’s consumption from the sector that is abysmally low currently, Dharmendra Pradhan, Minister for Steel and Petroleum and Natural Gas, told a conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). India […]

Read more

Oil prices fall as EIA confirms crude inventory build in the United States

Crude oil prices accelerated their fall after the Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after […]

Read more

Oil prices to stabilise, won’t impinge on India’s producers for long : Oil Minister Pradhan

India’s Petroleum Minister Dharmendra Pradhan expects oil and gas prices to stabilise after the recent plunge that triggered concerns about the financial impact on domestic oil and gas producers, according to a report in The Economic Times. “Normally prices respond to demand-supply imbalance, but the current situation is highly abnormal and with unheard of low […]

Read more