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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India asks OPEC not to cut oil production; Petroleum Minister Pradhan seeks better commercial terms

Battling a slowing economy, India implored oil cartel OPEC to not undertake deeper crude oil production cuts last week, as it renewed its pitch for reasonable pricing of oil and stability in supplies. In a meeting with OPEC Secretary-General Mohammad Sanusi Barkindo, Oil Minister Dharmendra Pradhan also pitched for better commercial terms for crude oil […]

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OPEC increases its revenues by 32%: EIA

The U.S. Energy Information Administration (EIA) estimates that members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $711 billion in net oil export revenues in 2018, increased by 32 per cent from the $538 billion earned in 2017, mainly as a result of the increase in average annual crude oil prices during […]

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Oil demand crawling at slowest pace since 2008 financial crisis: IEA

Mounting signs of an economic slowdown and a ratcheting up of the U.S.-China trade war have caused global oil demand to grow at its slowest pace since the financial crisis of 2008, the International Energy Agency (IEA) said. “The situation is becoming even more uncertain … global oil demand growth has been very sluggish in the first half of 2019,” the IEA […]

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Are India and China setting up a new mega cartel of oil buying countries?

China and India—two of the world’s largest oil importers and the biggest demand growth centers globally—are close to setting up an oil buyers’ club to have a say in the pricing and sourcing of crude oil amid OPEC’s cuts and U.S. sanctions on Iran and Venezuela, livemint reports, citing three officials with knowledge of the talks. […]

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Oil prices to be lower in 2019 on slower-than-expected global growth, rising non-OPEC supply – World Bank

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Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020, a downward revision from the October forecast due to the weaker-than-expected global growth outlook and greater-than-anticipated U.S. production, the World Bank said. Metal prices are expected to continue a recovery in 2019 that follows a sharp drop […]

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