OPEC is considering whether or not to raise its oil production to prevent the global market from becoming too squeezed, but there is one part of the world that is telling a very different story about the balance between supply and demand.
Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.
India is seeking rights to mine for gold and diamonds in Russia’s resource-rich Far East, Trade Minister Suresh Prabhu told Reuters on Tuesday.
Indian electrical goods manufacturers will have to rely more on imported copper and are bracing for a rise in costs, after the government in Tamil Nadu this week ordered the permanent closure of Vedanta’s copper smelter there.
Nepal’s government said on Tuesday it will build a 750 megawatt hydroelectric plant that was earlier cleared to be developed by China’s state-owned Three Gorges International Corp, in a surprise announcement made while laying out the annual budget.
Oil prices eased on Friday as Russia hinted it may gradually increase output, after having withheld supplies in concert with producer cartel OPEC since 2017. Brent crude futures LCOc1 were at $78.63 per barrel at 0534 GMT, down 16 cents from their last close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17.
India’s Bharat Petroleum Corp Ltd is looking to buy more gasoline for May delivery and this is coming at a time when Indonesian demand is stronger due to the Muslim fasting month, traders said on Friday.
Global diamond giant De Beers is rolling out an app to help small-scale, artisanal diamond miners in Sierra Leone certify that gems they pry from the soil are legal, the Anglo American unit said on Thursday.
India’s oil imports from Iran during the 2017/18 fiscal year fell by 15.7 percent from a year ago as state refiners reduced purchases after a row over development rights for an Iranian natural gas field, according to data from shipping and industry sources.
Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday.