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

16 October, 2018, 17:53 | Author: Billie Castillo
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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.

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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.



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