Oil Market
OPEC further lowers forecasts for global economy and oil demand in 2022
The oil alliance said on Thursday in its monthly report that the world economy is expected to grow by 3.1 per cent in 2022, compared to its forecast of 3.5 per cent in the previous three months. Explaining the downward revision, OPEC cited "weaker second-quarter growth in the major economies and an observed soft trend in some key economies". In its May report, OPEC had already lowered its forecast for global economic growth this year from 3.9 to 3.5 per cent. This projection was maintained until July, Xinhua news agency reported.
Despite Gujarat govt's intervention in edible oil market, no relief in prices to consumers
Last week the Gujarat government announced that it will provide groundnut oil of one liter pack at Rs 100, at 50 per cent subsidised rates. Yet, the prices of edible oil are seeing an upward trend and the people are not getting any respite. On Tuesday, 17-liter groundnut oil tin price was quoted Rs 2,850, the highest in this calendar year so far. Palm oil is trading at Rs 2,050 for 17-liter tin. The reason behind this is that most of the oil processing units are closed as there is no stock of groundnut in the market and the imports of palm crude oil were opened after a short break.
India diversifying its oil import sources'
In a report, S&P, citing sectoral experts, said India is keen to explore such opportunities in other Latin American countries. "Besides expanding strategic petroleum reserves and diversifying its crude supply sources, the government is making effort to bring oil from overseas equity assets in the event of a supply disruption," said Lim Jit Yang, advisor for Asia-Pacific oil markets at Platts Analytics.
Essar strikes landmark supply deal with Liverpool airport
The new access agreement will allow Essar to supply fuel directly to airlines at the wingtip and marks another step in Essar's growing aviation fuels business, as air travel continues to recover from the effects of the pandemic.
Oil and gas industry delivered $2.8billion a day in pure profit for last 50 years
The vast total captured by the petrostates and fossil fuel companies since 1970 is $52 trillion, providing the power to "buy every politician, every system" and delay action on the climate crisis, said Professor Aviel Verbruggen, the author of the analysis. The huge profits were inflated by cartels of countries artificially restricting supply.
Oil price rises after Biden fails to secure agreement on increasing Saudi supply
Biden had hoped to secure a promise from Saudi Arabia to increase its output of oil, which could lead to easing of global supply pressures. But Brent crude rose 2.6 per cent to $103.88 on Monday after Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan Al Saud, quelled speculation over an output increase, The Guardian reported.
Vegetable oils import down by bit in June 2022 over last year
According to the Solvent Extractors' Association of India (SEAI), the 991,650 tonnes imports this year comprised 941,471 tonnes of edible oils and 50,179 tonnes of non-edible oils. Indonesian palm oil exports had plummeted to a 10 years low due to restrictions imposed on April 28 by the government, resulting in very high stock and full tanks at factories there.
'Edible oil price may touch new high this calendar year'
The groundnut 16 liter tin price has touched to Rs 2,750 and cotton seed oil is being quoted at Rs 2,700. The present price rise is because there is no stock of groundnut with farmers, claimed SOMA. Even the state government has hardly 1.50 lakh ton groundnut stock, even if the entire stock is offloaded in the market, it can't increase the volume of groundnut oil production that can stabilise the market, according to traders.
BPCL refuels over 100 Sri Lanka Airline flights
In a tweet, the BPCL said: "We are pleased to support SriLankan Airlines, with refueling of their long-haul flights at Indian airports, to overcome the Jet Fuel shortage in their country. So far, more than 100 flights have been refueled at #Trivandrum, #Chennai & #Kochi airports." In reply the SriLankan Airlines tweeted: "Thank you @BPCLimited! We truly value our partnership."
India offers 10 blocks for oil exploration and production
The Indian government is offering 10 blocks for International Competitive Bidding, and the bids can be submitted through a dedicated online e-bidding portal till September 6, 2022. Successful award of Round-VIII Blocks would add a further 36,316 square km of exploration acreage and cumulative exploration acreage under OALP regime will be increased to 2,44,007 square km, the government said.
Advertisement