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Crude Oil Prices Eyeing $70 Amid Viral Concerns, Small Stockpiles Draw


Crude Oil Prices Eyeing $70 Amid Viral Concerns, Small Stockpiles Draw
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CRUDE OIL PRICE OUTLOOK:
US crude inventories fell less than expected last week, exerting downward pressure on prices
Heightened Covid-related travel restrictions in China may cast a shadow over the demand outlook
Crude oil prices held steady during Wednesday’s APAC session after falling 4.7% over the last two days. A rapid Covid-19 flareup in China cast a shadow over its growth outlook amid an already slowing economy. Authorities have reported 353 locally transmitted cases since July 20, with the highly contagi ....

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India likely to start full operations at Iran's Chabahar port by May-end


India expects to start full-scale operations at Iran’s Chabahar general cargo port it has built by the end of May, said Union ports and shipping minister Mansukh Mandaviya, in a boost for regional trade.
The country has been developing a part of the port on Iran’s south-eastern coast along the Gulf of Oman as a way to transport goods to Iran, but also Afghanistan and central Asian countries, and avoiding rival Pakistan.
But US sanctions on Iran slowed down the port’s development and Indian officials are now counting on a thaw in relations between Washington and Tehran under President Joe Biden to move forward with near $500 million of investments. ....

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India hopes for more Iran, Venezuela oil exports under Biden


India hopes for more Iran, Venezuela oil exports under Biden
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The sudden change in production policy has made economic planning more difficult and will add to inflation
(Photo: Mint)
. Updated: 21 Jan 2021, 02:20 PM IST Bloomberg
India is hoping US President Joe Biden’s administration will take a softer line against adversaries Iran and Venezuela, enabling the world’s third-largest oil importer to diversify its sources of crude.
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India is hoping US President Joe Biden’s administration will take a softer line against adversaries Iran and Venezuela, enabling the world’s third-largest oil importer to diversify its sources of crude. ....

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India's oil imports reach 3-year high in Dec 2020 at 5 million bpd


India s oil imports reach 3-year high in Dec 2020 at 5 million bpd
India s year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally
Reuters | January 20, 2021 | Updated 08:23 IST
The share of India s imports from the Organization of the Petroleum Exporting Countries, including supplies from the Saudi-Kuwait Neutral Zone, fell to a record low of 67% in December
India s crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed. India s year-end rush for crude supplies coincided with stronger demand from north Asian buyers during winter, boosting prices and an accelerating de-stocking of floating storage globally. ....

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