The Indian government has discussed measures to reduce dependency on Gulf for meeting its oil demand with the global oil supplies anticipated to get disrupted in the wake of the killing of Iranian commander, General Qassem Soleimani, in a US drone strike in Baghdad. Following the death of Iran’s top commander, senior officials of the […]
Additional cuts by the powerful OPEC group of oil producers and its allies may not be enough to eliminate a glut of crude on the global market, the IEA warned last week. Meanwhile, energy consumption by China is bounding higher — a signal that the country’s economy may be in better shape than widely thought […]
The United States has surpassed Kuwait to become India’s sixth largest oil supplier as it supplied 70 per cent more crude to the world’s third largest energy consumer during April-September. According to data furnished by the oil ministry to parliamentary committee, the US supplied 5.4 million tonnes of crude oil during the first six months […]
Saudi Arabia’s oil giant Aramco has attracted total bids of $44.3 billion for its initial public offering. This is 1.7 times the money the Kingdom hoped to raise with the world’s largest listing ever. According to one of the IPO’s lead managers, Samba Capital, quoted by Bloomberg, the IPO has attracted a total of 166 billion Saudi […]
OPEC and its Russia-led non-OPEC partners in the production cut deal is likely to roll over the current cuts into June 2020 in early December. Russia is likely to support the cartel’s efforts to raise the price of oil, Reuters reported last week, citing OPEC sources and delegates. Currently, the partners in the deal have two […]
India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom’s investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to […]
Battling a slowing economy, India implored oil cartel OPEC to not undertake deeper crude oil production cuts last week, as it renewed its pitch for reasonable pricing of oil and stability in supplies. In a meeting with OPEC Secretary-General Mohammad Sanusi Barkindo, Oil Minister Dharmendra Pradhan also pitched for better commercial terms for crude oil […]
The U.S. Energy Information Administration (EIA) forecasts lower crude oil prices in the fourth quarter of 2019 and in 2020 despite tighter global balances. The tighter balances are largely the result of unprecedented short-lived loss of global supply following the September 14 attacks on crude oil production and processing infrastructure in Saudi Arabia, EIA said […]
The mega deal in which Saudi Aramco is buying 70 per cent in Saudi chemicals giant SABIC cleared another hurdle last week after India’s competition authority approved the transaction that needs clearance in India because both Saudi companies are operating in the country. The Competition Commission of India (CCI) said on Friday that it approves the acquisition of 70 […]
Indian rice export prices slipped this week as demand from Africa remained sluggish. Prices of 5% broken parboiled variety in top exporter India were quoted at around $371-$375 per tonne this week, down from $373-$379 a week ago, Reuters reported. India’s rice exports plunged 26.5% in April-July from a year ago to 3.14 million tonnes, […]
