Crude prices: Brace up for impending storm
India has benefitted immensely from lower crude oil prices, which fell over 50 per cent in 2014 and 2015, till recently. It helped the government in handling of inflation and fiscal and current account deficits.
Supply glut woes jump; oil markets slump| Angel Commodities Broking
According to Prathamesh Mallya, Chief Analyst-Non-Agri Commodities & Currencies, Angel Commodities Broking, “Oil market bears came out in the open with NYMEX Crude oil prices slumping to $42.75/bbl, the lowest since September’16 hit by a double whammy of recovery in OPEC output in May’17 coupled with rising US production.
Domestic crude, natural gas production down in May
Domestic crude oil and natural gas production fell 3.34 per cent and 6.88 per cent respectively in May 2016, according to data released by the Ministry of Petroleum and Natural Gas.
Russia´s giant Vankor oilfield reaches peak production level
Russia´s giant Vankor oilfield, where Indian state oil firms are acquiring a significant stake, has reached peak production level, but technology to increase oil recovery will optimise the output and delay its decline, the head of ONGC´s overseas arm said.
India seeks to pay $6.5 bn to Iran for oil imports
India has approached Turkeys Halkbank to facilitate the payment of $6.5 billion (about Rs.43,400 crore) it owed to Iran for the crude oil imported when western sanctions were in place on Tehran.
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