India’s liquefied natural gas (LNG) imports rose 4.6 per cent year-on-year and 15.6 per cent month-on-month to 91 million metric standard cubic meter per day (mmscmd) in June, according to data from the Petroleum Planning & Analysis Cell and Ministry of Petroleum and Natural Gas. Lower domestic natural gas production in June coupled with higher […]
State-owned Oil and Natural Gas Corp (ONGC) has set a target to double oil and gas output from its domestic and overseas fields and expand its refining capacity three-fold alongside diversification into renewables in a new vision document for 2040. ONGC Energy Strategy 2040 envisions the company as “A diversified energy company with a strong […]
Two reports out this week which could greatly impact oil prices indicate that leaders in Tehran are desperately urging China to purchase more Iranian crude: First, Reuters notes China continued importing Iranian oil in July for the second month since a US sanctions waiver ended, though at greatly diminished levels compared to the year prior, citing numbers from three data firms: According to […]
The U.S.-China trade war is sparking so much fear over demand that even those parts of the commodity world that aren’t in the direct firing line are getting burned, says a report by Bloomberg Oil had its biggest sell-off in four years after U.S. President Donald Trump brought an abrupt end to a truce forged […]
A well-supplied global oil market means that consumers need not worry too much about the developments in the critical Strait of Hormuz, including the recent seizure of a UK-flagged oil tanker, where a standoff is on between Iran and other powers, the International Energy Agency (IEA) has said. The IEA said it was closely monitoring […]
India’s merchandise exports contracted for the first time in nine months in June while imports shrank first time in four months. India’s trade deficit for June 2019 narrowed by 7.98 per cent to USD 15.28 billion as against the deficit of USD 16.60 billion in June 2018, government data showed. Data released by the commerce […]
China State Construction Engineering Corporation is looking for opportunities in Iraq’s oil industry and believes it could sign at least one contract per year for oil infrastructure in Iraq, Yu Tao, the head of the Middle Eastern division of the Chinese construction giant, told Reuters on Thursday. “We are paying more attention to the oilfields because that […]
Increased geo-political tensions and economic uncertainty are likely to contribute to oil price volatility, Fitch Ratings said, but added that its year-average base-case expectations remain unchanged. “We have lowered our natural gas price assumptions, reflecting reduced marginal production costs in the US and increased LNG supplies globally,” it said in a statement. The toughened sanctions […]
When Indian Prime Minister Narendra Modi first came to power five years ago one of the high points was his extraordinary luck with oil prices, which nearly halved within a space of a few months. But that luck may well run out in his second term due to conditions not in his control, creating critical […]
Export-Import Bank of India (Exim Bank) has forecast that India’s merchandise exports will increase from 81.9 billion dollars to 84 billion dollars with an expected growth rate of 2.5% during the first quarter (April to June) of 2019-20 over the corresponding quarter of the previous year. Of this, non-oil exports are likely to increase from […]
