Oil rose on Wednesday, set for its largest third-quarter gain in 13 years, after the Iraqi oil minister said OPEC and its partners were considering extending or deepening supply cuts to erode an existing global surplus.
Despite the turbulence in the oil markets due to the previous weeks’ hurricanes, OPEC’s latest report has painted a reassuring picture, indicating that the rebalancing of the oil market may be underway.
Oil prices rose on Monday as key U.S. refineries began restarts following Hurricane Harvey, which may help revive crude oil processing, while fuel prices fell as Hurricane Irma is likely to clip demand for gasoline and diesel.
The first shipment of American crude oil is likely to reach India in the last week of September, opening new vistas in the Indo-US ties.
State-owned Indian Oil Corp (IOC) has bought the country’s first shale oil from the US and is looking to step up imports from America as part of its crude diversification strategy.
Venezuelan homemaker Carmen Rondon lives in the country with the world’s largest oil reserves, but has spent weeks cooking with firewood due to a chronic shortage of home cooking gas – leaving her hoarse from breathing smoke.
OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess supply.
Oil prices were little changed in early Asian trading on Friday after retreating in the previous session, weighed by ongoing global glut concerns despite a bigger-than-expected draw in U.S. crude inventories.
The government is hoping for lower subsidy bills over next two years as the global crude oil market struggles to rise despite the historic agreement between Opec and non-Opec producers to cut output. The government has budgeted Rs 25,000 crore toward petroleum subsidy in the current fiscal.
Crude futures fell for a third day on Wednesday despite a bigger than expected fall in U.S. oil inventories reported by an industry group, with doubts lingering over OPEC’s ability to restrain supply as promised.