The rapidly heating up situation in Syria has pushed Brent crude prices to US$72 a barrel, something that Goldman Sachs had predicted on Thursday.
Despite a busy start to the week in oil news, crude prices slipped Monday and Tuesday as traders collecte profits from last week’s jump.
Whenever you see a headline like this, you know it will go along the lines of “did you know that petroleum stands for rock oil?” Yes you did, goes the reply of an overwhelming majority of readers.
Last week, OPEC said in its Monthly Oil Market Report that based on OECD commercial stocks numbers from December, “In line with the existing overhang, the market is only expected to return to balance towards the end of this year.”
Oil market participants and analysts have been closely watching the record level of supply coming out of the United States that is threatening to undo OPEC’s production cuts.
India’s Oil and Natural Gas Corp. will sell two state-run energy companies to raise capital for debt repayment within the next year, according to a new report by Bloomberg.
One of the world’s largest crude oil importers, India, has benefited from low oil prices for the better part of the past three years, enjoying a lower import bill and improving its trade balance and current accounts.
Vehicle fuel consumption should see a major decline globally, but it won’t happen for a couple of decades.
Iran shipped 777 million barrels of crude last year, the state news agency Shana reported. Of this total, which represents an average daily export rate of 2.13 million barrels, 62 percent went to buyers in Asia. The rest was sold to European customers.
The Indian government’s target is to boost installed solar power capacity more than five-fold to 100 gigawatt (GW) by 2022.