Russia rose to become India’s second biggest supplier of oil in May 2022, pushing Saudi Arabia into third place but still behind Iraq which remains No. 1, data from trade sources showed. In May this year, Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared […]
India’s oil imports from the United States will rise by 11% this year, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily-sanctioned Russia. The surge in oil prices following Russia’s invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when […]
India, the world’s third-largest energy-consuming and importing nation, is hoping on resumption of crude oil supplies from Venezuela and Iran as well as higher production from OPEC+ nations to help cool international oil prices that have hit multi-year highs. It will also evaluate the Russian offer to sell crude oil at discounted prices after considering […]
Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine. Brent crude futures were up $3.10, or 2.8%, at $114.24 a barrel while U.S. West Texas […]
India’s imports of oil from Iraq surged in January to a 29-month high of about 1.3 million barrels per day (bpd), making up nearly a third of the supplies to Asia’s third largest economy, data from shipping and industry sources show. Iraq’s importance as a key supplier is set to grow this year as at least two […]
OPEC and allied oil-producing countries have decided to pump more oil to the world economy amid hope that travel and demand for fuel will hold up despite the rapid spread of the omicron variant of COVID-19. The 23-member OPEC+ alliance led by oil cartel member Saudi Arabia and non-member Russia said it would add 400,000 […]
The energy counter has made a strong comeback in 2021 sustaining a robust crude oil price rally in 2021. From the very beginning of the year, there has been an unrelenting up move with little pauses in between, where prices hit their highest levels since 2014. Also, OPEC and allies continued with their record production […]
2022 crude oil supply-demand will be driven by several factors such as COVID-19 and its variants’ impact on demand and economy, falling OPEC+ spare capacity, and some countries inability to meet their production quota, non-OPEC production hike especially from the US and Brazil, the release from strategic petroleum reserves from several countries, lower upstream investment, […]
Demand for hydrocarbon fuels is likely to fall dramatically over the next three decades. Once the “peak” demand has been reached, it will begin to trail off up to 2050. A report by two experts at the Center on Global Energy Policy at Columbia University in New York has concluded that the oil exporters have […]
Crude oil could soar to $125 per barrel next year and $150 in 2023 due to OPEC’s limited capacity to boost production, JP Morgan analysts said in a new report. “OPEC+ is not immune to the impacts of underinvestment…. We estimate ‘true’ OPEC spare capacity in 2022 will be about 2 million barrels per day […]
