After three consecutive months of raising its crude oil prices, the world’s largest oil exporter, Saudi Arabia, is widely expected to make the first cut to its official selling prices (OSPs) since the OPEC+ group started their record production cuts to prop up the market and prices amid crashing demand. Oil refiners and traders in […]
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 […]
Sudden spike in demand from both domestic and overseas markets has made basmati rice costlier by 10 per cent in June 2020. The aromatic rice is currently quoted at $1,000-1,200 a tonne now, from $900-1,100 a tonne towards the end of May. The value depends based on quality and brand of the rice. Supply to domestic consumers and […]
Saudi Arabia’s cabinet has approved a new mining law that aims to accelerate foreign investment in the sector as part of efforts to diversify its economy away from hydrocarbons. The new law facilitates investor access to financing and supports exploration and geological survey activities, state news agency SPA said, quoting the minister of mining and […]
India’s biggest refiner, Indian Oil Corporation (IOC), is sticking to Middle Eastern oil as suppliers are offering deep discounts. With such discounts, the competition producers may have a tough time making inroads in the world’s third-largest crude importer. Gulf producers such as Iraq and Saudi Arabia — which together supplied around 40 per cent of […]
The availability of smuggled Vietnam pepper from Myanmar and Nepal has curtailed the demand in Jharkhand and Bihar markets, HinduBusinessline reports. Traders are slow in procuring from the domestic market, as they can source the imported stuff at lower prices with hardly any GST in cash and carry mode. Vietnam pepper is priced at Rs.150 a […]
Oil prices have surged to two-month highs – $31 a barrel yesterday – on growing signs of a rebound in oil demand, as the easing of lockdowns spread worldwide. At its peak in April, global lockdown measures affected around 3.9 billion people. But an estimated 3.7 billion people are now living in areas that are experiencing […]
Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed US crude inventories are still rising. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced […]
At no time since Ibn Saud first consolidated his Arabian conquests into the Kingdom of Saudi Arabia in 1932 has the ruling Saud dynasty faced such an existential threat to its continued rule over the country. It is true that Saudi Arabia has been able to gain some temporary advantage in key Asian export markets, […]
Oil futures rose yesterday on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude futures advanced 0.7 per cent, or 22 cents, to $29.85, […]
