Weekly Wrap – Global economy ticks along; India’s farmers’ unrest worrisome

The global economic recovery from the crisis originated by the coronavirus pandemic may take as much as five years, the World Bank’s chief economist Carmen Reinhart said. “There will probably be a quick rebound as all the restriction measures linked to lockdowns are lifted, but a full recovery will take as much as five years,” […]

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Cairn India’s Rajasthan oil block licence stuck in cost dispute with the Indian government

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Billionaire Anil Agarwal-led Cairn India’s Rajasthan oil block licence extension is stuck in a dispute over cost and the firm is literally surviving on monthly extensions by the government. The government had in October 2018 agreed to extend by 10 years the contract for Barmer fields in Rajasthan after the expiry of the initial 25-year […]

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Global oil and gas industry’s earnings to remain flat though June ’21; capital spending to decline further – Moody’s

Earnings before tax and depreciation (EBITDA) of the global oil and gas industry will be flat through to June next year and capital spending is likely to further decline, according to Moody’s. After an almost 70% drop in aggregate EBITDA in the second quarter of the fiscal year, the industry’s operational performance will likely see a gradual and uncertain […]

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India’s state-owned oil and gas companies to join global solar alliance in green energy shift

Five of India’s biggest state-owned oil and gas firms will be joining the International Solar Alliance (ISA)’s Coalition for Sustainable Climate Action (ISA-CSCA) as corporate partners as part of their effort to make a clean energy transition, the oil minister said. “In order to reduce carbon footprint, these companies will be focusing more on green […]

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Weak oil refining margins pressure Indian downstream firms; marketing margin stronger – Fitch

Gross refining margins (GRMs) of Indian oil marketing companies will take longer than previously expected to recover, which increases the downside risks to their standalone credit profiles (SCPs), Fitch Ratings said. It said SCPs of Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited faced risks, while headroom for Indian Oil Corporation remains limited. “However, […]

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Oil market’s recovery from covid will be long and hard: Moody’s

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Oil market’s covid-induced disruption in the first half of this year will unsettle long-term energy consumption patterns in developed markets and heighten oil and gas price volatility, according to Moody’s. It expects growth will slow for the industry, which now faces more uncertainty about future demand. “We expect an uneven, extended recovery that depends on a […]

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