Global oil supply fell in September as the Organization of the Petroleum Exporting Countries (OPEC) as well as allied producers improved their compliance with agreed output levels, but the market faces a tricky rebalancing due to a recent increase in covid infections, according to the International Energy Agency (IEA). “Our global demand and supply estimates (including an assumption of full […]
Libyan production of crude, which was frozen by its internal strife, is poised to make a major return. Exports could reach 500,000 bpd in a matter of months if a fragile peace between warring factions holds. Output was as low as 110,000 bpd in early September before the UN-backed Government of National Accord and the […]
India is expected to be the largest contributor to incremental oil demand between now and 2045, according to a forecast by the Organization of Petroleum Exporting Countries (OPEC). The nation’s demand is forecast to rise by 6.3 million barrels per day through the forecast period, while the Asia Pacific region will remain the most important […]
News about contraction in the eight core infrastructure industries in India was disappointing this week. Core industries shrunk by 8.5 per cent in August from 8 per cent in July. The fiscal deficit in April-August further hit 109 per cent of the full-fiscal year target. While at first look the rise in the RBI’s Current […]
Just as the oil market seemed to be in balance, OPEC members had an unpleasant surprise from exempted member Libya. The country’s warring factions reached a ceasefire, and some long-shuttered oil ports have been reopened, along with the fields that feed them. By the end of the month, Libya’s National Oil Corporation plans to boost […]
The Covid-19 disruptions have changed the structure of India’s oil and gas sector with telling effects. The share of OPEC crude in Indian oil imports fell to a decade-low in July 2020, reports IANS. As per data, the oil cartel’s share in India’s oil imports fell to about 67 per cent in July as against highs of […]
The International Energy Agency expects crude oil demand this year to be 8.1 million barrels per day(bpd) lower than it was in 2019, a downward demand forecast revision of 140,000 bpd, the authority said in its latest Oil Market Report. “Global oil demand is expected to be 91.9 mb/d in 2020, down 8.1 mb/d y-o-y. In this […]
While the world is still awash with oil that it cannot quickly get rid of during a time of historic crumbling of demand, the world’s largest oil company is looking to raise its production capacity by an extra million barrels per day, according to Reuters. Aramco’s CEO Amin Nasser has confirmed that it is moving ahead […]
Brent crude prices could rise towards $50 a barrel by the start of 2021, if the COVID-19 pandemic is contained, said Monica Malik, chief economist at Abu Dhabi Commercial Bank. “At the moment it is trading in a relatively tight band of between $40 and $45 a barrel, she said on a webcast for the […]
The International Energy Agency (IEA) bolstered its outlook for global oil demand, but warned that the recovery could be derailed by the resurgence of coronavirus. A collapse in fuel consumption during the second quarter was slightly less severe than previously estimated, and demand should rebound sharply over the next three months as economic activity resumes, […]
