Happy Media

  The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Global oil supply rose by 1.1 mb/d in August to 91.7 mb/d as OPEC+ cuts eased, but was down 9.3 mb/d on a year ago. Following two months of gains, the recovery in countries outside the OPEC+ deal stalled in August. Production in the United States fell by 0.4 mb/d as Hurricane Laura forced precautionary shut-ins. Total non-OPEC supply is expected to drop by 2.6 mb/d in 2020, before posting a modest 0.5 mb/d recovery next year. A resurgence of Covid-19 cases in many countries, local lockdown measures, continued teleworking and the weak aviation sector led to downward revisions of our demand estimates for 3Q20 and 4Q20 by 0.1 mb/d and 0.6 mb/d, respectively. For 202...

The Indian Express June 25, 2020 Posted by  Karunjit Singh   The price of diesel in New Delhi  surpassed the price of petrol  for the first time with OMCs hiking the price of diesel by 48 paise per litre to Rs 79.88 even as the price of petrol was at Rs 79.76, not hiked for the first time in 18 days. The price of diesel has traditionally been lower than that of petrol and continues to be lower in other parts of the country. The price of petrol has risen by Rs 8.5/litre and the price of diesel has increased by Rs 10.5 per litre since June 7 when oil marketing companies began revising the prices of petrol and diesel after an 82-day hiatus during which the international price of crude oil fell to below $20/barrel. The price gap between petrol and diesel in the national capital was Rs 7.3 on May 5 when the Delhi government increased the VAT on diesel to 30% from 16.75% and that on petrol to 30% from 27%. Diesel also attracts an additional air ambience levy ...

Hindustan Times 14 June 2020 Posted by:Harshit Sabarwal For the time being, the Organization of Petroleum Exporting Countries and its allies are relinquishing their share of the market in a bid to prop up crude prices, slashing millions of barrels of output as the pandemic crushes fuel demand. Once the global oil market emerges from the coronavirus crisis, it may be greeted by a surprising change: greater dependence on crude from OPEC. For the time being, the Organization of Petroleum Exporting Countries and its allies are relinquishing their share of the market in a bid to prop up crude prices, slashing millions of barrels of output as the pandemic crushes fuel demand. They’d already spent the past three years forsaking sales volumes to offset the oil glut unleashed by burgeoning US shale production. Before the pandemic, forecasters were projecting that the group would need to cut production further in coming years. Yet the current upheaval could give OPEC another c...

The Hindu Dated: May 04, 2020 D espite a massive 50% drop in oil revenues and a downturn in the economy, Saudi Arabia’s investments in India will not be affected, the Kingdom’s Ambassador to India  Saud bin Mohammed Al Sati   said in a written interview. At a time when a UN body has predicted a cut in about 1.7 million jobs in the Gulf region due to GDP losses the envoy says that worries of retrenchments are premature, but added that the Saudi government is working with India on the repatriation of those who need to return. What measures has Kingdom of Saudi Arabia (KSA) adopted to counter the virus? Has KSA, like Kuwait and UAE requested Indian medical teams to help manage the situation, and also treat Indians who may be affected? There are a large number of expatriates living in Saudi Arabia, which includes around three million Indians. As per King Salman’s Royal decree, the Kingdom is providing coronavirus related medical care free of charge to all residents in...

Carbo Ceramics Inc.  plunged 47% after warning investors it may fail as a going concern in part because its largest frack-sand customer halted purchases. The slump on Monday was the fracking sand provider’s worst since its 1996 debut as a public company. The Houston-based company issued the warning in a statement after equity markets closed on Nov. 8. Carbo’s biggest sand client notified the company after the end of the third quarter that it would discontinue purchases, according to the  statement . The company also is bracing for a weakening in the frack-sand market overall going into 2020. Shale gas driller  Chesapeake Energy Corp.  last week warned it may go under as a result of low energy prices “There is an elevated risk associated with the company meeting its existing financial forecast and the company may ultimately conclude it is unable to continue as a going concern in a future period,” the company said in the statement. The oil-in...

Twelve of the 658 pages in the  just-published Saudi Aramco prospectus  list the banks, law firms and consultancies midwifing this gargantuan IPO. Much further back, you will find the third-party certification of the company’s oil and gas reserves. Including the cover letter and two sets of signatures, this clocks in at 10 pages. If that strikes you as a tad unbalanced, consider the IPO of another state-owned energy behemoth, Rosneft Oil Co. PJSC, the Russian oil champion. The third-party assessment of its oil and gas reserves published in its 2006 prospectus runs to 135 pages, incorporating detailed field-by-field analysis of reserves, pricing and different scenarios. To be fair, Saudi Arabian Oil Co. has another 16 pages of more qualitative material on its upstream operations under the business-description section; on the other hand, that bit ran to more than 50 pages for Rosneft. True, Rosneft’s upstream business was a somewhat complicated affair given ...

Lee Fang, August 19 2019 THE AMERICAN FUEL & Petrochemical Manufacturers, a powerful lobbying group that represents major chemical plants and oil refineries, including Valero Energy, Koch Industries, Chevron, ExxonMobil, and Marathon Petroleum, has flexed its muscle over environmental and energy policy for decades. Despite its reach, AFPM channels dark money and influence with little scrutiny. The group is now leveraging its political power to criminalize protests of oil and gas infrastructure. In an audio recording obtained by The Intercept, the group concedes that it has been playing a role behind the scenes in crafting laws recently passed in states across the country to criminalize oil and gas pipeline protests, in response to protests over the Dakota Access pipeline. The laws make it a crime to trespass on public land used for “critical infrastructure,” impose a fine or prison time for violators, and hold protesters responsible for damage incurred during the pr...

Live Mint Reuters, July 09, 2019 Tokyo:  Oil fell on Tuesday amid worries over the outlook for demand after the latest signs that international trade disputes have been dragging on the global economy, although the potential for conflicts in the Middle East offered support to prices. Brent crude futures were down 21 cents, or 0.3%, at $63.90 a barrel by 0343 GMT. They fell 12 cents on Monday. US West Texas Intermediate crude futures were down 25 cents, or 0.4%, at $57.41 a barrel. They rose 15 cents in the previous session. Oil prices are being pressured by ongoing worries about demand as the US-China trade war, heading into its second year, dampens prospects for global economic growth, which strongly impacts oil demand growth. The countries are the world's two largest oil consumers. Japan's core machinery orders fell by the most in eight months, data showed on Monday, in a sign the global trade tensions are taking a toll on corporate investment. Japanese governm...

A new chapter in India’s hydrocarbon exploration history was added on Thursday as the government started the bidding process under the first round of Open Acreage Licensing Policy (OALP) in which 55 blocks have been put under the hammer. OALP is a critical part of Hydrocarbon Exploration Licensing Policy (HELP) which was approved in March 2016. Notably, since the last round of bidding under the National Exploration Licensing Policy (NELP) in 2010, this is the first bidding round for oil and gas exploration. While the last date to submit bids is April 3, blocks will be awarded by May. “This bidding has seen many firsts including the fact that bidders carved out the area. Bidders have shown interest for a substantive around 60,000 square km area,” said petroleum minister Dharmendra Pradhan while releasing the notice inviting offers for the blocks. Under OALP, six companies submitted expression of interest (EOI) for the 55 blocks after studying data from the National Data Repository, ...

NEW DELHI, JANUARY 17:   A spike in crude oil prices, which could put Finance Minister Arun Jaitley at a disadvantage as he prepares for his Union Budget, but may prove to be an advantage for Dhamendra Pradhan, Minister for Petroleum and Natural Gas. On Thursday, Pradhan and his team will launch bids under the Open Acreage Licensing Programme (OALP) that allows players in the upstream space to carve out their own areas for exploration and production (E&P) and place bids. On offer are 46 onland blocks, eight shallow water blocks and one deepwater block. Typically, when oil prices are high, the appetite for companies to go into the E&P business goes up. It is in this backdrop that expectations are running high that India’s hydrocarbons hunt space, which has been lying subdued, may see some activity. Whether Pradhan and his team will get the deliverables or not, only days to come will show. Positive undercurrents Ajay Arora, Partner and National Leader - M...