India’s crude oil import bill in the first five months of the current financial year fell by 60.7 per cent annually to $17.7 billion, even though the volume of crude oil sourced from outside was only 22 per cent lower than that in the same period a year ago, as per the data by the […]
Saudi Arabia’s state oil company, Aramco has discovered two new oil and gas fields in the northern part of the country, the Saudi Press Agency reported, citing Energy Minister Abdulaziz bin Salman. The fields’ reserves have yet to be established accurately but they are both already producing gas, condensates, and oil. One of the fields, Hadabat […]
Oil market’s covid-induced disruption in the first half of this year will unsettle long-term energy consumption patterns in developed markets and heighten oil and gas price volatility, according to Moody’s. It expects growth will slow for the industry, which now faces more uncertainty about future demand. “We expect an uneven, extended recovery that depends on a […]
The International Energy Agency expects crude oil demand this year to be 8.1 million barrels per day(bpd) lower than it was in 2019, a downward demand forecast revision of 140,000 bpd, the authority said in its latest Oil Market Report. “Global oil demand is expected to be 91.9 mb/d in 2020, down 8.1 mb/d y-o-y. In this […]
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 […]
