With crude prices soaring in global markets after the drone attacks on Saudi Aramco’s Abqaiq refinery, the world’s largest oil processing facility, questions have once again emerged on how prepared India is to face the consequential pressure on its forex reserves.
Crude oil prices rose 0.18 percent to Rs 3,906 per barrel in futures trade on September 13 as speculators raised their exposure on firm spot demand. On the Multi Commodity Exchange, crude for September contracts went up by Rs 7, or 0.18 percent, to Rs 3,906 per barrel in a business turnover of 26,861 lots.
OPEC and its non-cartel allies on Thursday discussed further cuts to oil production and the possibility of Iran re-entering the global market but said that any decision would have to wait for a meeting in December
India’s trade balance is likely to improve as the ongoing global slowdown has pulled down oil prices in the international market. Crude oil prices fell more than $10 per barrel in a year and being the largest component in India’s overall imports
Every country should comply with oil output cuts, Saudi Arabia’s energy minister said on Thursday. OPEC and its allies want to achieve oil market stability and cohesiveness among producers, and Saudi Arabia’s oil policy remains unchanged
Crude oil futures fell 0.17 percent to Rs 4,000 per barrel on Thursday after speculators booked profits at existing levels amid subdued spot demand. Crude oil contracts for most-traded September delivery traded lower by Rs 7, or 0.17 percent
Opec on Wednesday cut its forecast for growth in world oil demand in 2020 due to an economic slowdown, an outlook the producer group said highlighted the need for ongoing efforts to prevent a new glut of crude.
Oil futures rose on Tuesday, potentially heading for a fifth day of gains, amid optimism that OPEC and other countries may agree to extend production cuts in a bid to support prices. Brent was up 42 cents, or 0.7%, at $63.01 a barrel by 0104 GMT, while U.S. crude was 46 cents, or 0.8%, higher at $58.31 a barrel.
All eyes will now be on Saudi Arabia’s new energy minister to see if the country will stay the course on stabilizing global crude markets, oil market expert Helima Croft said Monday. This follows news that Saudi Arabia’s King Salman has replaced Energy Minister Khalid al Falih with one of his sons
India’s car manufacturers are in deep strife with slumping sales amid a broader slowdown in economic growth, but one element missing in the bearish narrative is a matching drop in crude oil imports.