The global oil glut brought about by last year’s lockdowns triggered the Covid-19 outbreak is gone, but market volatility is seen to persist until the pandemic is brough under control, the International Energy Agency (IEA) said in its latest monthly oil market report. “After nearly a year of robust supply restraint from OPEC+, bloated world […]
Accelerating vaccination programmes across countries and rising fuel demand is expected to boost global oil demand by nearly 6 million barrel per day (bpd) this year despite the latest Covid-19 surge in India, a key importer, OPEC has said in its latest monthly demand outlook report. World oil demand is set to average 96.5 million […]
Russia’s President Vladimir Putin is starting to feel the heat of new U.S. sanctions, as Washington is putting some additional bite into its confrontation with Moscow. At the same time, new sanctions are looming on the horizon, looking at the tensions at the Russian-Ukrainian border. US President Joe Biden, however, seems not to be satisfied […]
Two of the world’s prominent energy organisations—Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA)—have revised upwards their demand forecast for oil this year, which could help sustain a price rally. Demand will increase by 5.95 million barrels per day this year, which is around 70,000 barrels per day more than last […]
State-owned major sector oil refiner Bharat Petroleum Corporation (BPCL), slated to be disinvested, plans to further reduce its dependence on crude oil from West Asia to 50 per cent from 65 per cent. The company plans to increase its sourcing from countries in West Africa, Far East, and Latin America. The plan, to be implemented in […]
A day after Britain announced plans to raise its corporation tax on big companies to 25% from 19%, the first hike in nearly half a century, the Organisation for Economic Cooperation and Development (OECD) asked countries to avoid tax hikes to tackle the COVID-19 crisis. “Don’t raise your taxes to pay for COVID,” OECD head […]
India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices. A doubling in the price of crude oil over the past 10 months has contributed to record fuel prices at gas stations in India. Retail prices of petrol and diesel are hovering near Rs […]
Saudi Arabia’s unilateral additional cut in oil production crashed the total OPEC output down by 870,000 barrels per day (bpd) in February 2021, the first monthly drop in the cartel’s production since June last year, the monthly Reuters poll showed. The total crude oil production from all 13 OPEC members stood at 24.89 million bpd last month, […]
Indian consumers are feeling the pinch as a surge in crude oil prices have caused prices of gasoline (petrol) to rise to as high as Rs 100/litre in the country’s financial hub Mumbai. While Finance Minister Nirmala Sitharaman recently told a conference that it’s a dilemma on whether to bring down taxes on fuel or […]
The leaders of the OPEC+ alliance, Saudi Arabia and Russia, are reportedly once again at odds over oil supply management ahead of another crucial meeting of the group next week. OPEC’s top producer and de facto leader Saudi Arabia would likely prefer the March 3-4 meetings to decide that the OPEC+ coalition holds production flat […]
