Indian oil companies could acquire up to 20 percent of an oil field belonging to the Abu Dhabi National Oil Company (ADNOC), Utpal Bora, CMD of Oil India Limited, said on Thursday.
Despite the turbulence in the oil markets due to the previous weeks’ hurricanes, OPEC’s latest report has painted a reassuring picture, indicating that the rebalancing of the oil market may be underway.
India’s government-run refiners plan to import less Iranian crude oil in the 2017/2018 fiscal year ending March 2018, than the crude from Iran they bought in the previous fiscal year, according to India’s Oil Minister Dharmendra Pradhan.
Residual fuel consumption in Saudi Arabia jumped to 625,000 bpd in April, the highest since October last year, and contrary to the general global trend of declining fuel oil demand worldwide, according to the International Energy Agency (IEA).
Indian Oil Corp. will take delivery of more than a million barrels of U.S. heavy crude in October—the first U.S. crude oil purchase by an Indian energy company, IOC’s finance chief told Reuters, and certainly not the last one.
India Oil Corp., the country’s biggest oil refiner, is planning a major though temporary refining capacity reduction this year for maintenance, unnamed sources told Reuters.
India, the world’s third largest oil consumer, imports about 82 percent of its crude oil requirements, and meets just 18 percent of its demand through local sources.
If India backs out of the Farzad-B natural gas block deal, Russian companies could be stepping in to fill the vacuum, according to remarks by Iranian Oil Minister Bijan Zangeneh on Thursday.
Indonesia offered on Friday 10 conventional and 5 unconventional oil and gas blocks under new, more flexible terms for production sharing deals, but it is still failing to attract much interest from international upstream companies.
China is still one of the most important countries contributing to oil market bullishness, despite its slowing economy.