Next year is expected to be a turnaround for oil demand in India, according to a new study by S&P Global Platts Analytics. With weakened demand caused by an economic slowdown,
Oil prices jumped Monday, lifted by the prospect of longer production cuts by the Organization of the Petroleum Exporting Countries and its allies as well as evidence of improving economic conditions in China.
India can expect a cocktail of initiatives aimed at boosting clean fuel use and gas price transparency, and consolidation in the state oil sector in the year ahead as New Delhi aims to strike a balance between fighting an environmental battle and preparing for robust growth in energy demand.
India is inviting the biggest international oil companies to invest in the privatization of its state-held oil firms, Indian Oil Minister Dharmendra Pradhan said at an energy event late on Monday.
India, one of the drivers of oil demand growth in Asia and the world, has just seen its oil imports drop to three-year lows and fuel processing rates plunge to a 15-year low, as slowing economic growth is taking its toll on demand.
India’s energy agreement with the US is likely to jump by over 40 percent to $10 billion in 2019-20, as the world’s third-largest oil consumer looks to move away from its usual suppliers in the Middle East
The UAE has been India’s evergreen growth partner, through trade, investments, job creation and remittances. And there is scope for more, made clear by the leaders of the two nations amid a series of bilateral summits over the years.
OPEC’s crude oil production rose in August compared to July, another market survey found on Friday, despite OPEC’s continued calls for sticking to the cuts to achieve “market stability.”
India’s government plans to sell its entire more than 50-percent stake in one of the largest local refiners, Bharat Petroleum Corporation (BPCL), most likely to state-controlled Indian Oil Corporation, Indian outlet Business Standard reported on Monday.
Deeper production cuts at leading producer Saudi Arabia, lower output at sanctions-hit Iran, and outages in Libya and Venezuela sent OPEC’s crude oil production in July falling to its lowest level since 2011, the monthly Reuters survey found.