Some of the world’s biggest economies are seeing oil consumption turn the corner and even surpass pre-pandemic levels as falling Covid-19 infection rates drive a recovery in activity.
The Biden administration appears to be increasing the urgency for reviving the Iran nuclear deal after talks have languished for months and as 1.7 million b/d in oil supply expected by end-2022 hangs in the balance.
The Energy Information Administration on Wednesday said it lowered its 2021 global oil demand expectations to account for “reactions to the proliferation of the delta variant.”
The American Petroleum Institute (API) on Tuesday reported a draw in crude oil inventories of 2.882 million barrels for the week ending September 3, bringing the total 2021 crude draw so far to more than 65 million barrels, using API data.
Oil futures rose Wednesday, finding support on a sluggish return to crude output in the Gulf of Mexico in the wake of Hurricane Ida.
Mr. Khandu attributed the slow coverage of oil palm cultivation in Arunachal Pradesh to the lack of commitment from promoters in setting up processing factories within the State, making farmers lose confidence.
The Union Cabinet has approved a hike in minimum support prices (MSP) for rabi crops in a bid to encourage diversification in production.
In South Sudan, first oil was discovered in the late 1970s when U.S. Chevron made major finds in Western Upper Nile in what is now Block 1, near Bentiu, and developed the Muglad Basin where they found two huge oilfields, Unity and Heglig, both in the South.
Oil product stockpiles at the UAE’s Port of Fujairah climbed for the first time in three weeks on signs of slowing demand for fuel oils for power generation and marine bunkers.
It’s that time of year again, when politicians, members, delegates and the media begin to pack their bags ahead of the party conference season.