South Asia
News
March 19, 2021
Even as problems with Europe’s vaccine program and a slowdown in Chinese crude buying sent futures down more than 7% on Thursday, data from around the world showed a steady, albeit patchy, recovery in demand.
News
March 19, 2021
The sell-off will prove to be “transient” and this week’s decline presents a buying opportunity amid the large rally, Goldman Sachs Group analyst Damien Courvalin said in a note. There’ll still be a swift rebalancing of the market, with vaccinations driving an increase in mobility, he said. UBS Group AG also stuck with its positive outlook for Brent.
News
March 17, 2021
OPEC and its partners could quickly deploy their stalled production spare capacity to quash oil price rallies, the IEA said in its monthly report. Demand won’t return to pre-virus levels until 2023, the agency said in a separate report.
News
March 16, 2021
Futures in New York slipped 0.9% on Tuesday for a third straight session of losses, following a surge earlier this month to intraday levels last seen in 2018. Though there are indications of growing demand in some parts of the world, other regions -- notably Europe -- are lagging.
News
March 12, 2021
“Going forward into April and May, we’re going to see pretty significant increases in demand,” said Bart Melek, head of commodity strategy at TD Securities. “At this point, however, prices are a little overdone. The market is assuming a little too much in terms of what OPEC+ will do.”
News
March 12, 2021
Asia’s emergence as global natural gas trading superpower will increasingly dictate market rates in Europe for a once-localized commodity that was simply linked to the price of oil.
News
March 09, 2021
Saudi Arabia’s push to restrain oil supply to buoy prices is spurring India to speed up plans to diversify its crude sources and pursue alternative energy, the chairman of one of the nation’s biggest refiners said.
News
March 08, 2021
The world’s biggest crude exporter is boosting April pricing for crude exports eastwards to the highest levels since just before the Saudis unleashed a brief price and supply war a year ago.
News
March 05, 2021
Oil rallied toward $70 a barrel after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.
News
March 05, 2021
The surprise move by OPEC+ to maintain oil supply restrictions through April, coupled with Saudi Arabia’s decision to extend voluntary curbs, has stunned the global energy market. Prices surged again on Friday, with West Texas Intermediate topping $65 a barrel, and Brent climbing above $68.
News
March 02, 2021
It’s not the first time India, one of the biggest buyers of the producer group’s crude, has urged the Organization of Exporting Petroleum Countries and its partners to pump more oil.
News
February 23, 2021
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group predicting the crude rally will accelerate as demand outpaces global supply.
News
February 02, 2021
Asian-refiner demand has provided major support to U.S. oil as the market rebounds from its worst-ever crash last year. Asia has recovered faster from the pandemic than the rest of the world, helping revive demand for crude and boost U.S. benchmark prices 13% so far this year.
News
February 01, 2021
The transaction between Oxy and India's Reliance Industries is the energy industry’s first major petroleum shipment for which greenhouse gas emissions associated with the entire crude lifecycle, well head through combustion of end products, have been offset.
News
January 22, 2021
Iraq plans to cut oil output in January and February to make up for breaching its OPEC+ quota last year, according to the state company that markets the nation’s crude.
News
January 20, 2021
Traders have piled into oil this year, with output cuts from Saudi Arabia helping drive prices to the highest since February.
News
January 19, 2021
Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that -- rather than restore halted production as planned -- it would slash supplies by a further 1 million barrels a day. On Tuesday, the International Energy Agency slashed forecasts for world oil demand in the first quarter as countries hunker down to contain new coronavirus outbreaks.
News
January 19, 2021
India's oil minister and the Organization of Petroleum Exporting Countries’ top official publicly jousted over the cartel’s policy shift at a conference hosted by the Atlantic Council on Tuesday.
News
January 13, 2021
Saudi Aramco will supply less crude as part of long-term contracts next month, giving some Asian processors 20%-30% less than they had sought, according to company officials who received the notices but asked not to be identified as the information is private.
News
January 13, 2021
Global oil use dropped by 9 million barrels a day last year but should recoup more than 6 million in 2021, said Mike Muller, head of trader Vitol SA’s operations in Asia.
News
January 12, 2021
A “big chunk” of U.S. shale is profitable at current oil prices, but drillers should be aware of crude’s declining share in the future global energy mix, International Energy Agency Executive Director Fatih Birol said in an interview.
