As if cheap steel imports from the Association of Southeast Asian Nations (ASEAN) was not enough of a problem to handle, India’s steelmakers are now fretting over heavily discounted steel imports coming in from Iran, a country that is under economic sanctions imposed by the United States. The first consignments from Iran’s Bandar Imam Khomeini […]
India’s tea production nudged 0.8 percent lower in 2018 from a year ago to 1311.63 million kg, trimming exports from the world’s biggest black tea producer by 1.1 percent, the state-run Tea Board said. India’s exports eased to 249.11 million kg from 251.89 million kg a year ago, the board said in a statement. India, […]
Venezuela will sell 15 tonnes of gold from central bank vaults to the United Arab Emirates in coming days in return for euros in cash, as the crisis-stricken country seeks to stay solvent, a report by Reuters informs. The sale this year of gold reserves that back the bolivar currency began with a shipment of […]
The United Arab Emirates (UAE) is now OPEC’s third-biggest producer, having surpassed Iran whose output has plunged below 3 million bpd with the U.S. sanctions on Iranian oil. The UAE, an ally of the cartel’s largest producer Saudi Arabia in the Persian Gulf and within OPEC, is vying for playing a more prominent role as […]
Qatar will leave the Organization of Petroleum Exporting Countries (OPEC) as of next month, its energy minister told the media, adding that the decision was part of a long-term strategy for growing its international presence on energy markets with a focus on gas. Qatar is the world’s largest exporter of liquefied natural gas, but it has Australia […]
The UAE is planning to boost its total oil production capacity to 3.5 million barrels per day (bpd) by the end of this year, the emirates’ Energy Minister Suhail Al-Mazrouei told S&P Global Platts in an interview after the OPEC/non-OPEC panel met last week to discuss the state of the market. The meeting among OPEC and its […]
Saudi Arabia has pledged to chip in $10 billion in funds to South Africa’s ailing power sector, according to a South African government spokesperson cited by CNBC. The funds will be used to build refineries and to advance petrochemicals and renewable energy projects in the developing economy of South Africa. The funds can’t come soon enough […]
China National Petroleum Corporation (CNPC) and the Abu Dhabi National Oil Company (ADNOC) are expected to sign this month a preliminary deal to invest in oil and gas exploration and refining, Reuters reported last week. CNPC’s international investment unit, CNPC International, is taking the lead in talks with ADNOC, and the deal is expected to be a […]
Saudi Arabia and the United Arab Emirates have formed an alliance to cooperate in areas ranging from energy and agriculture to tourism and financial services. A joint statement by the two governments, after a meeting in Jeddah between the crown princes of Saudi Arabia and Abu Dhabi, listed dozens of steps to integrate the Arab […]
India has received the first cargo of UAE crude oil for filling up one of the two strategic reserve caverns built by Indian Strategic Petroleum Reserve Ltd (ISPRL) at Mangalore, a government statement said. MT Inspiration, carrying two million barrels from Abu Dhabi National Oil Company (ADNOC) arrived in Mangalore on India southwestern coast on […]