As the global oil market frets about a stubborn supply glut, faltering demand growth in key Asian crude importers is further hampering efforts to restore market balance.
Netherlands-based Royal Dutch Shell plc, the world’s second-largest oil company, has been focussing on aligning with the energy markets’ transition underway globally.
World stock markets edged higher on Thursday, buoyed by a slight rebound in oil prices after hitting seven-month lows, while the U.S. dollar weakened for a second consecutive session.
Oil fell to seven-month lows on Wednesday, set for its largest price slide in the first half of any year for the past two decades, as investors discounted evidence of strong compliance by OPEC and non-OPEC producers with a deal to cut global output.
Iran expects to sign a long-delayed gas deal with French oil major Total in the next few weeks, Iranian Oil Minister Bijan Zanganeh was quoted as saying on Saturday.
Believe it or not, there’s a little bit of America in your fuel, even though we hardly import any oil from there. On Friday, India moved to a system of revising motor fuel prices daily in tune with global rates, something that the US has been doing for years.
In a bid to iron out differences over the crucial issue of daily revision of petrol and diesel prices, India’s three state-run Oil Marketing Companies will meet representatives of the petroleum dealers association on Tuesday.
Taking a cue from state-run oil marketing companies (OMCs), private sector fuel retailers Reliance Industries, Essar Oil and Shell India are likely to revise motor fuel prices on a daily basis from Friday.
India, the world’s third largest oil consumer, imports about 82 percent of its crude oil requirements, and meets just 18 percent of its demand through local sources.
Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed.