The output of the eight core sectors, which includes coal, crude oil, steel, cement, electricity, fertilisers, refinery products, and natural gas, had grown by 4.2 percent in March 2023.
India's oil import bill could rise to USD 101-104 billion in FY2025. Lower Russian oil imports increased savings. Middle East conflict impacts oil routes. LNG imports from Qatar via the Strait of Hormuz. CAD/GDP ratio compressed in FY2023-24.
Norway plans to develop a new North Sea oil and gas field that is expected to cost $572 million and will further boost the country’s oil and gas output.
Brazil’s oil giant Petrobras recorded a 4.4% increase in its crude production in the first quarter of the year, driven by ramp-ups at five platforms and the start of commercial extraction at 19 new wells.
Marathon Oil, Occidental, Continental Resources and others are reaching under the Permian’s popular benches for new drilling locations. Analysts think there are areas of the basin where the Permian’s deeper zones can compete for capital.
The world's largest oil producer is looking to invest in new energy sources and technologies beyond oil and gas, while still maintaining its commitment to the traditional energy sector.