Five years ago, providing an answer to a question on the direction of energy prices would have been difficult. This was because prices were invariably linked to oil.
India was scheduled to lift its biggest volume of Iranian crude in nine months in December, helping to shore up the Organization of the Petroleum Exporting Countries (Opec) producer’s oil exports to Asia last month, said a person with knowledge of the country’s tanker loading schedule.
High Crude Price: India’s Oil Import Bill Balloons 35% To $10.34 Billion In Dec, Fuel Prices At An All-time High
The global rally of crude oil prices may have brought cheer to members of Organization of Petroleum Exporting Countries (OPEC) but for India, which imports over 82 per cent of its crude requirement.
The three state-owned oil marketing companies are reducing dependence on Gulf nations for oil imports by stepping up purchases from countries including US, Russia, Canada.
Gulf OPEC producers plan to keep their oil output in the first quarter of 2018 below the year-earlier level despite strong demand growth and a decline in global inventories, a senior OPEC source familiar with Gulf oil thinking said on Friday.
OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday.
Whatever your view on the effectiveness of the deal between Opec and a group of non-member countries to limit oil supply in order to drain excess inventories and boost prices, there is one thing that everybody seems to agree on — they stuck to their guns much better than anyone thought possible for the whole of last year.
OPEC deepened compliance with an oil supply-cutting deal in December due to a further decline in Venezuelan output and extra cuts by Gulf exporters, a Reuters survey found, showing strong commitment to the deal despite higher prices.
President Nicolas Maduro said on Friday that Venezuela would issue 100 million units of its new oil-backed cryptocurrency in coming days, although it is unclear whether any investors will want to purchase the “petro” at a time when the OPEC member is going through a deep economic crisis and its leftist government has little credibility.
India’s crude oil import bill will likely swell 15% to $81 billion in the current fiscal year as prices soar amid output cuts led by OPEC and Russia.