The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]
A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin squeeze, sources said. Petrol and diesel prices have remained unchanged for 12 days but now the international rate surge is exerting pressure. Current prices of petrol and […]
OPEC and its allies, OPEC+, agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent times and a stark contrast to the drawn-out negotiations seen […]
The yields on the 10-year benchmark 6.10%-2031 bond fell 1 basis point to 6.2214% early this week on improved sentiments, after Brent crude oil prices fell below $70 a barrel in the international market. “The fall in yields on the new 10-year benchmark bond is mainly due to easing Brent crude oil prices after China […]
India’s crude oil imports tab for the first quarter of its financial year soared by 190 per cent to $ 24.7 billion although volumes only grew modestly, by 14.7 per cent year-on-year. The increase in the import bill came despite the fact fuel consumption has yet to recover to pre-pandemic levels. The substantial increase also […]
It is not in Iraq’s best interest to adopt renewable energy at the expense of fossil fuels, energy and oil expert Hamza al-Jawaheri told local Shafaq News Agency in an interview. Iraq, OPEC’s second-largest producer behind Saudi Arabia, has been suffering from power outages and disruptions due to a lack of investment in its transmission grids. […]
OPEC leaders Saudi Arabia and UAE might have reached a so-called solution to the current export quota conflict, but it is far from over, say oil market watchers. The high-profile clash between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed is not over. Instead, it’s just been pushed aside […]
The oil market has been on edge for a while now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said, adding that the current impasse is also threatening to derail the global economic recovery. In June, global oil demand is estimated to have jumped by as […]
OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic, Reuters reports. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 after Saudi Arabia and others […]
South Sudan is now preparing for its first oil auction, as officials reveal that the country’s four existing blocks have reached and passed peak production and are now in decline. Sudan’s Ministry of Petroleum told Bloomberg that Blocks 3 and 7 in Upper Nile have fallen to 103,000 barrels per day (bpd) from an initial 120,000 bpd, […]
