Just over a year into production cuts lead by OPEC and Russia, oil markets in Asia have tightened noticeably as significant amounts of excess crude have been taken off tankers used for storage and delivered to customers across the region.
India may join hands with Russia for expanding its presence in the hydrocarbon sector in Vietnam, a move that may not upset China given its close ties with Russia.
U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.
The US could become the oil world’s new king in 2018 as it was poised to ramp up crude oil production by 10 per cent to about 11 million barrels per day, according to a report.
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.
The Organization of the Petroleum Exporting Countries and its allies are taking a multi-layered bet that global oil dynamics will work in their favour by extending their crude oil production cuts until the end of 2018.
Work will start on Thursday on constructing the first nuclear power plant in Bangladesh at Rooppur with Russian collaboration, according to an announcement from Russia’s atomic energy corporation Rosatom.
Oil output from Russia’s Sakhalin-1 project is set to rise by about a quarter to 250,000-260,000 barrels per day (bpd) from January, sources with knowledge of the plan said, signalling Moscow may find it hard to comply with an extended OPEC output cut.
China’s economy is slowing, and India is growing. But Russia will not be able to use these changes in order to increase exports.
China’s economy is slowing, and India — is growing. But Russia will not be able to use these changes in order to increase exports.