The Indian billionaire behind the controversial Carmichael coal mine in Australia is hitting back at criticism the endeavor will be both unprofitable and too dirty.
Oil edged higher as rising tension in the Middle East kept investors wary, while expectations the U.S. and China can make a quick breakthrough following the resumption of trade talks are low.
OPEC’s oil production cuts, designed to buoy global prices, are sinking beneath soaring U.S. production and flat global demand. With U.S. output forecast to continue increasing, and tensions in the Persian Gulf providing only mild upside,
India, which is heavily dependent on Middle Eastern oil, is looking on with increasing apprehension as the U.S. and Iran flirt with war. The country imported 84% of its crude in the last financial year
Global oil supplies will increase far more than demand next year with the start of a host of new projects, putting further pressure on the OPEC cartel, the International Energy Agency said.
Oil has a demand problem. You can see it, most obviously, in headline crude oil prices, which slumped again Wednesday morning. You can see it in Asian refining margins and physical premia.
Saudi Arabia ramped up oil production last month by the most this year, largely filling the gap created by tougher U.S. sanctions on its political rival, Iran.
India’s benchmark bond yield slid to an 18-month low as a slowing economy and falling oil prices intensified speculation that the central bank will cut rates more than once.
State-run NTPC Ltd., India’s largest coal-fired power producer, is appointing a new head of its renewables team to speed up its expansion into clean energy, according to a company official with knowledge of the plan.
A global shortage of heavy crude will create hurdles for America’s key refining belts just as they ramp up gasoline production for summer driving season. In the Gulf Coast, dwindling heavy oil supplies have suppressed refining margins