Oil prices seeking bullish rebound on supply constraints, WTI eyeing $72.00

16 October, 2018, 17:53 | Author: Billie Castillo
  • PM Modi's Silence On Allegations Against MJ Akbar Unacceptable Congress

According to Refinitiv Eikon data, Iranian exports of crude oil have declined to 1.33 million bpd, a sharp contrast to April's 2.5 million bpd, before the U.S. withdrew from the Iranian accord amidst harsh criticism, and USA pressure on allies to cease purchases of Iranian-sourced crude appear to be working, dragging oil prices steadily higher on the higher timeframes.

Finance Minister Arun Jaitley, Petroleum Dharmendra Pradhan, Vice-Chairman NITI Aayog Rajiv Kumar and senior officials from the government and Niti Aayog were also present. The hike has nearly wiped out the Rs 2.50 cut made by the government last week.

The meeting assumes significance as the USA sanction against Iran kicks-in on November 4 and India is dependent on imports for more than 80 per cent of its oil requirement.

What's next for the oil price - $100 by the end of the year? Subjects such as expansion of oil and gas infrastructure in India; enhancing exploration and production; potential in solar energy and biofuels; and the government's holistic approach to the energy sector came up for discussion.

Modi's first meeting was on January 5, 2016, where suggestions for reforming natural gas prices were made.

Hurricane Michael: Dozens still missing on Florida coast
The storm peeled off a small section of the roof and a few inches of water got in the single-story house. Residents began to come to grips with the destruction and face up to the uncertainty that lies ahead.

Modi sought greater participation of private companies in the distribution of the gas sector. But the plan could not go through in view of strong opposition from Oil and Natural Gas Corp (ONGC).

Amid a non-stop rise in petrol and diesel prices Prime Minister Narendra Modi on Monday asked foreign oil companies to ease payment terms and channel their investible surplus into commercial exploitation in the developing countries. Modi also spoke about the various policy initiatives and developmental measures undertaken by government in the sector.

India, the world's third-biggest oil consumer, meets more than 80 per cent of its oil needs through imports.

The Prime Minister in 2015 had set a target of reducing India's oil dependence by 10 per cent to 67 per cent (based on import dependence of 77 per cent in 2014-15) by 2022.

Oil prices have reached four-year peaks as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year's largest weekly build in U.S. crude stockpiles. Import dependence has only increased since then and the government is now looking for ways to raise domestic output.

Recommended:



Popular

This Trump painting on display in the White House is just weird
This painting was first spotted during an interview with the USA president on 60 Minutes which aired on Sunday. Bush and even Abraham Lincoln .

Steelers still haven’t heard from Le’Veon Bell
However, according to ESPN's Adam Schefter , the Steelers have yet to hear anything from their Pro Bowl running back. Bell could report during that time, and be paid for this week as well, but the Steelers remain in wait-and-see mode.

Eddie Pepperell tops British Masters leaderboard after second round
Fleetwood has been a busy man since playing a major role in Europe's victory at the Ryder Cup in Paris 11 days ago. But the 27-year-old Englishman's day was about to explode (in a good way) over the next three holes.

Australia May Move Embassy in Israel to Jerusalem
Mr Morrison said he spoke to Joko Widodo overnight as part of the countries' management of the relationship. The former government headed by PM Malcolm Turnbull rejected relocating the country's embassy to Jerusalem.

Air hostess falls out of Indian plane, suffers injuries
IndiGo has been facing problems with the Pratt & Whitney engines powering its A320 neo aircraft, Sputnik reported last week. He said there were 136 persons on the flight (127 passengers including three infants and six crew members).

Trump Tells '60 Minutes' That Mattis 'May Leave' The Pentagon
Trump had been deferential toward Mattis , saying on September 5 his defence chief would remain in his job. He also dubbed the nearly daily media reports detailing "chaos" within the White House as " fake news ".

Prince Harry, Meghan expecting child in spring
Awarded posthumously for his bravery, Mrs Dunne had it pinned to her chest. "He said, "That's what attracted me over here". Mrs Dunne said it was "marvellous" to meet the pair. "Enjoy the rest of the day". "I think it could possibly be a girl".

Switch Diablo III: Eternal Collection Bundle announced
The system will be exclusive to GameStop in the USA for $359.99, and it'll be available from November 2nd. While it's a good news to all Diablo fans, Blizzard has cleared the report and said that it's not true.

Dodgers Start Rookie Walker Buehler Against Brewers In Game 3 Of NLCS
I don't feel a need to have to address it"-and in Game 3 Machado embarked on a different set of basepath adventures". Pressure in the NLCS? "You want to stay out there, but that's the route we've taken all year", Miley told reporters.

White Woman Calls 911, Says Black Boy Groped Her
She has since returned to the store to review the CCTV footage. "Are you seriously calling the police?" says a female passerby. Klein was confronted with security-camera footage on Friday showing that the boy's backpack had brushed against her.