Why India is buying more crude oil from Africa & North America and not Middle East
India’s shift to exporters like US and Nigeria comes amid an increased demand for gasoline, as the pandemic pushes people to private cars instead of public transport.
crude oil
Iraqi leader says country still needs US help
Al-Kadhimi’s administration set a lofty agenda that included enacting economic reform, battling corruption, avenging protesters and bringing arms under the authority of the state.
OPEC forecasts rise in global oil demand
2020 has witnessed a collapse in oil prices after global demand fell by a third when governments imposed lockdowns to stop the spread of the virus.
India saves Rs 5,000 crore on filling strategic oil reserves
The storages at Mangalore and Padur were half-empty and there was some space available in Vizag storage as well. These were filled by buying oil from Saudi Arabia, the UAE and Iraq.
US to remove Patriot missile batteries from Saudi Arabia: Report
Removing missiles, other measures mark end of recent military buildup to counter Iran, officials say
Oil prices fall on brimming storage, bleak recovery prospects
Although the world economy may start to recover as more countries allow businesses to reopen, analysts say prospects for oil prices remains gloomy.
Middle East’s $2 trillion wealth could be gone by 2034: IMF
Saudi Arabia, the U.A.E. and Kuwait are the biggest producers in the GCC and are all OPEC members. Risks differ for the GCC states, which also include Qatar, Oman and Bahrain.
OPEC announces further supply cuts
This means a 500,000 barrels a day decrease from world markets from January 2020, in additon to the existing 1.2 million bpd cut arrived in October 2018.
Photo: OPEC
Japan’s ‘trilemma’ in the Strait of Hormuz
Keeping the Middle Eastern sea lanes safe for transporting oil is a common interest among major Asian countries, including China, Japan, South Korea and India.
Photo: Reuters
India – Iran: Riding the crest of political commotion
Though the overall history of Indo-Iranian relationship is not dull and unsavoury yet there have been intermittent periods of closeness as well as of distancing from each other temporarily.