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 […]
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 […]
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 […]
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 […]
With strategic prodding by Iran, Iraq is set to expand its already game-changing oil and gas infrastructure deal with China. Iran is seeking to push Iraq firmly into the Sino-Russian power bloc. Tehran is looking to include Iraq in the Sino-Russian power bloc in order to expand its influence in the oil-rich country. This was […]
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 […]
Asian markets started the week on the backfoot early last week while oil prices slipped as fears of a second wave of coronavirus infections in China sent investors scurrying for safe-havens. However, risk sentiment took a knock after Beijing recorded dozens of new COVID-19 cases in recent days, all linked to a major wholesale meat […]
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 […]
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 […]
India has saved ₹5,000 crore in foreign exchange after it capitalised on the global low oil prices to fill its underground strategic oil storage to shore up insurance against any supply or price disruption, the Petroleum Ministry said. admin
