Iranian oil is quietly flooding into the global market again
The vast majority is flowing to China, as the world’s biggest importer scoops up cut-price barrels from the Islamic Republic.
OPEC
Oil mixed amid U.S. inventories draw, OPEC+ impasse
Investors worried OPEC+ impasse could boost global crude supply
Indian refiners deepen cuts to Saudi oil purchases in May – sources
Energy relations between India, the world’s third-biggest oil importer and consumer, and Saudi Arabia have soured as global oil prices spiked.
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.
Saudi Arabia, Iraq, and Nigeria commit to OPEC+ deal
Saudi Arabia, Iraq, and Nigeria underlined their complete commitment to the OPEC+ deal on Monday.
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.
Russia, Saudi Arabia, and the USA: Slippery Oil Triangle
Following a deadlocked OPEC summit in February, Moscow and Riyadh announced they would ramp up production, sending already low prices tumbling, suggesting they have decided geopolitical interests trump purely economic ones.
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