Fuel price increases will outpace Asian governments’ ability to offset them with subsidies, according to ESAI Energy’s recently published Asia Watch.
Indian state-owned upstream company Oil & Natural Gas Corp. said that its crude production during the April-June quarter registered a 3.5% year on year fall to 6.2 million mt (499,407 b/d). Natural gas output, on the other hand, rose 3.2% on the year to 6.2 Bcm.
Recent developments in the oil market have led to pronounced uncertainty about the second half of the year.
Essar Ports has said it will invest $63 million (about Rs 4.5 billion) during 2018-19 in expanding the cargo-handling capacity of its Hazira port in Gujarat to 50 million tonnes (mt), raising the company’s capacity to 110 mt, a senior company executive said.
Rising prices of thermal coal, which is burnt to generate electricity, will not significantly impact power prices in India at a time when the market is hit by a shortage of coal.
Iran’s LPG shipments recovered to 440,000 mt in March from around 400,000 mt in February, with most of the cargoes destined for China, fixtures from shipping sources showed this week.
India’s fuel demand rose 7.7 percent in February compared with the same month last year.
India’s relationship with the US as a major consumer of the oil and gas produced in the latter, advanced a step further on Tuesday with the first shipment of US-produced gas bound for India flagged off from Louisiana.
In an exclusive interview with The National a week ago, UAE energy minister Suhail Al Mazrouei, who currently presides over Opec, said that plans to formulate an “Opec supergroup” are in the works.
The Kolkata Port Trust (KoPT) on Thursday, signed a concession agreement with M/s Hooghly Oil & Gas Terminal Pvt Ltd, a wholly owned subsidiary of IMC Ltd for setting up a liquid cargo handling terminal at Shalukkhali in Haldia.