AT the International Energy Forum in Delhi in April, the world’s top oil producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a US$44 billion refinery and petrochemical project on India’s west coast.
India, the world’s third largest oil consumer, said on Thursday it had received assurances from the world’s top oil exporter Saudi Arabia it would ensure adequate supplies to keep a lid on soaring oil prices.
Oil prices are poised to break through $80 per barrel and Asia’s demand is at a record, pushing the cost of the region’s thirst for crude to $1 trillion this year, about twice what it was during the market lull of 2015 and 2016.
Investors have sent shares in European oil exploration and production (E&P) focussed companies like Premier, Tullow, EnQuest and Faroe, soaring, and some fund managers say they have not peaked yet.
It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia’s desired level of $80 a barrel.
A surge in crude oil prices pushed the cost of petrol in the country further higher on Thursday, with the transport fuel being sold at Rs 75.32 per litre in the national capital.
A Rs 4 per litre increase in petrol and diesel prices is in the offing if state-owned fuel retailers are to return to pre-Karnataka poll hiatus margin levels, brokerage firms said.
Defying a global trend, India’s flagship national oil company ONGC did not cut its capital spending on exploration and development after oil prices collapsed between 2014-16, Moody’s Investors Service said today.
PetroChina brought in to China the first cargo of its equity crude oil production from sub-salt Ribera project in Brazil, according to a report on Thursday by parent company CNPC.
Genel Energy is on track to hit its oil output target in Kurdistan, it said on Thursday, adding that its cash reserves had risen by 28 percent from the end of last year.