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 […]
The United States and Canada accounted for 11 per cent of India’s crude oil imports in January—a record-high share of North American crude for the world’s third-largest oil importer, Reuters reported, citing data obtained from trade sources. India’s total crude oil imports last month averaged around 4.8 million barrels per day (bpd), down from a three-year […]
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group wrapped up their monthly meeting on Wednesday in record time. As widely expected, they did not make any recommendation about changing the oil production levels of the alliance. The JMMC meeting this month was more of a formality rather than disagreements and bargaining like the […]
The Organization for Economic Development (OECD) predicts that while global GDP should rise by around 4.25 per cent by the end of 2021, national bounce-back could be uneven. In its December Economic Outlook, the OECD observes that it is the countries with effective track and trace systems and rapid deployment of vaccines which will perform […]
Global oil demand is expected to grow by 5.6 million barrels per day (bpd) in 2021 compared to the 2020 low of 92.2 million bpd, the U.S. Energy Information Administration (EIA) said in its latest estimate, with the growth forecast now around 200,000 bpd lower compared to last month’s outlook. In its January Short-Term Energy […]
Saudi Arabia has announced reductions in crude oil volumes to be supplied to at least nine clients in Asia and Europe following its decision to add another 1 million barrels per day (bpd) to its OPEC+ production cut quota to prop up prices. Bloomberg reports that the Saudi Kingdom will slash supplies to some refiners by between […]
Oil prices touched multi-month highs on Monday on expectations that OPEC and allied producers may cap output at current levels in February as the coronavirus pandemic keeps worries about first-half demand elevated. Prices rose in line with broader financial markets with Brent crude futures reaching $53.17 a barrel, the highest since March 2020. U.S. West Texas Intermediate crude […]
The COVID-19 crisis has been both an accelerator and a decelerator for already rooted trends in the global economy. On the downside, the pandemic hit amidst widening inequality, declining economic prospects, mounting vulnerabilities to climate change, and a weakened multilateralism. On the upside, expanding the transformative productive capacities of all could form the core of […]
Rising global crude oil price is seen to increase the already elevated inflation levels in the country, according to a report by Barclays. “We estimate that a $10/barrel increase in the price of crude oil, to $55/barrel from $45/bbl, which implies a Rs 5.8/litre increase at the pump, would add about 34 basis points to […]
After much debate, the OPEC+ group has finally reached an agreement on oil production for next year. OPEC+ will, as a group, add in 500,000 barrels per day (bpd) in January to its oil production quotas, which currently calls for a production cut of 7.7 million bpd. The total production cut in January will now […]
