India in talks with Guyana for long-term crude supply
India, the world’s third-largest crude consumer and importer, has approached Guyana’s government about a possible long-term deal to buy the South American country’s oil, a Guyanese official said.
India has expressed interest in buying one of the 1 million-barrel cargoes Guyana’s government is entitled to in order to test the crude in its refineries, according to Guyana’s Natural Resources Minister Vickram Bharrat. If the crude is compatible, the parties could begin talks on a long-term arrangement.
India’s oil demand has risen by 25% in the last seven years, more than any other country, and officials there have pledged to use the country’s position as a leading purchaser as a “weapon” in an effort to keep prices low.
Here are the biggest risks to oil’s rally
Oil prices have climbed more than 25% this year, as production was restrained and a rise in consumption is expected for the summer travel season.
Risks to oil’s rally, however, include snags in the Covid-19 vaccine rollout globally and threats to the global economic recovery worldwide, a potential return of oil supplies from Iran, and increases in the pace of crude output from major producers.
The size of oil’s price rise is somewhat of a surprise, says Regina Mayor, global energy leader at global accounting firm KPMG, who was “not expecting this kind of surge so early in the year.”
By Reuters Staff
2 Min Read
FILE PHOTO: A view shows Sharara oil field near Ubari, Libya, July 6, 2017. REUTERS/Aidan Lewis
(Reuters) -Libya’s NOC has lifted force majeure on oil loadings from the eastern port of Hariga after settling a financing dispute with the new Government of National Unity (GNU), it said on Monday, paving the way for higher output.
National Oil Corporation (NOC) subsidiary Arabian Gulf Oil Company (AGOCO), which runs Hariga, this month said it was suspending output because it had not received any state financing since September.
Force majeure was declared by NOC on April 19.
NOC said the government would allocate 1 billion dinars ($225 million) as part of an agreement reached to end the force majeure declared on exports through Hariga.
KUALA LUMPUR (April 26): Bursa Malaysia ended the morning trading session mixed, tracking an uptrend on most regional bourses and supported by consistent buying of selected healthcare counters, dealers said.
At 12.30pm, the FBM KLCI settled 7.56 points higher at 1,615.99, compared with last Friday’s close at 1,608.43.
The market bellwether opened 2.31 points higher at 1,610.74, and moved between 1,609.44 and 1,616.90 throughout the session.
However, the overall market breadth was slightly negative as losers surpassed gainers at 532 versus 494, while 412 counters were unchanged, 759 untraded and 41 suspended.
Total volume stood at 5.07 billion shares worth RM3.26 billion.
In a research note today, Kenanga Research said that the local bourse remains vulnerable to pressure.
Oil Falls 1% As India’s Covid-19 Surge Dents Demand Outlook
Oil prices fell more than 1% on Monday on fears that surging COVID-19 cases in India will dent fuel demand in the world’s third-biggest oil importer and as investors adjusted positions ahead of a planned increase in OPEC+ output from May.
Brent crude fell 72 cents, or 1.1%, to $65.39 a barrel by 0653 GMT, following a 1.1% rise on Friday. U.S. West Texas Intermediate (WTI) crude futures were down 67 cents, or 1.1%, at $61.47 a barrel, after rising 1.2% on Friday.
Both benchmark crudes fell about 1% last week.
“Market sentiment was dented on worries that surging number of COVID-19 cases in some countries, especially in India, will slash fuel demand,” Kazuhiko Saito, chief analyst at commodities broker Fujitomi Co.