Standard Chartered has raised its 2018 crude oil price forecasts by $10 saying that the market has began to acknowledge the importance of OPEC-led production cuts.
Oil prices on Wednesday fell back from more than three-year highs reached the previous session as rising US fuel inventories and production weighed on an otherwise bullish market.
India’s natural gas production grew for the first time in six years in 2017-18. Gas output grew 2.35 per cent to 32,649 Million Standard Cubic Meter (MMSCM) primarily due to production from onshore blocks offsetting a decline in production from offshore blocks, an ETEnergyWorld analysis of fresh data from the oil ministry shows.
Rising crude oil prices could become a concern for the Indian economy with the government expecting the oil import bill to rise by 20% in the current year to $105 billion, up from $88 billion in 2017-18.
The spike in Brent crude prices could cause a major headwind for Indian markets and upset the country’s macroeconomic balance in financial year 2019.
As part of their effort to challenge the “predatory” economic development model of China, the US and Japan today agreed on a slew of commercial infrastructure projects in countries of the Indo-Pacific region.
China is unlikely to see a repeat surge in liquefied natural gas (LNG) imports this coming winter as the world’s largest energy consumer has learned from the previous cold season to keep demand under control, the head of Unipec said on Tuesday.
China kept fuel exports to North Korea to a trickle in March and exported no corn for a third straight month to its isolated neighbour
European gas demand is expected to keep rising over the next five years, after three consecutive years of growth, as economies continue to recover, coal and nuclear plants go offline, the Oxford Institute for Energy Studies said.
The steady rise in international crude oil prices besides pinching the pockets of Indian consumers may also disrupt the government’s fiscal maths with the country’s crude oil import bill expected to surge by 20 per cent to $105 billion in financial year 2018-2019, an Oil Ministry report said.