This week Indian Prime Minister Narendra Modi announced that this administration is working toward establishing a natural gas trading exchange as part of a larger effort to relieve the rapidly developing nation’s reliance on crude oil and its byproducts.
Where some see hardship, others see opportunity. Russia’s most valuable export products are oil and gas of which the top producers are Rosneft and Gazprom, respectively.
Crude oil prices have gone up high enough to begin hurting demand for the commodity, the chief of the International Energy Agency, Fatih Birol, said as quoted by Reuters on the sidelines of an industry event in Singapore.
Oil prices at $80 a barrel are too high and unhealthy for the world today, Bob Dudley, the chief executive of UK supermajor BP, said on the sidelines of an event on Friday.
Saudi Arabia is incapable of offsetting all of Iran’s crude oil supplies, according to the latest oil market message shared by several analysts who spoke to CNBC.
India’s natural gas production is projected to double in the next four years, according to a statement by the country’s oil ministry.
The bulls have gained the upper hand in oil markets of late, with estimates of $90 oil before the end of the year.
How much oil from Iran will be disrupted because of U.S. sanctions? American officials have gone back and forth on this, but many of the people who decide how much Iranian oil will be knocked offline are located in India and China.
The relatively young industry of projects using floating storage and regasification units (FSRU) has enjoyed boom years since 2015 as many new importers of liquefied natural gas (LNG) used these floating types of carriers that are cheaper than having to build an entire onshore LNG import terminal.
The rise in oil prices has resulted in relentless drilling and booming production in the U.S. shale plays, and the Permian in West Texas is attracting the most drillers, analysts, and media attention.