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2018-06-18 14:05:00

INDIA NEED RESPONSIBLE PRICE

INDIA NEED RESPONSIBLE PRICE

PLATTS - Saying that current oil prices were not supported by market fundamentals, Indian oil minister Dharmendra Pradhan on Thursday called for "responsible pricing, one that balances the interests of both the producer and consumer."

During a meeting with ambassadors from OPEC countries to India, Pradhan said that current oil prices were not only not supported by market fundamentals, but had also "gone beyond the threshold which can be sustained by the world," according to a statement from the Indian oil ministry.

OPEC countries accounted for about 83% of India's total crude oil imports, and 98% of LPG imports during fiscal 2017-2018, running from April to March.

Pradhan had expressed similar concerns during a conversation over the phone with Saudi Arabian energy minister Khalid al-Falih last month.

His concerns were echoed by Keisuke Sadamori, director for energy markets and security at the International Energy Agency, who said in Tokyo Thursday that the impact from the recent rise in oil prices would be felt more in emerging economies in Asia.

"Various countries, including India and Indonesia, have cut or suspended fuel subsidies," Sadamori said. "In other words, we are seeing the situation, where the rise in crude oil prices are more easily reflected in retail product prices in Asian importing countries."

He added: "In that sense, the current upward trend in prices is extremely difficult for Asian importers as well as emerging economies."

The IEA in its oil market report released last Wednesday projected a sharp slowdown in oil demand growth in China and India in the second quarter. It forecast that China's oil demand would grow by 270,000 b/d year on year in the current quarter, down from 460,000 b/d in Q1.

For India, it forecast a year-on-year growth of 265,000 b/d in Q2, compared with 360,000 b/d in Q1.

"Prices have been rising, and we expect to see the impact in the second half of this year," Sadamori said.

Pradhan is scheduled to visit Vienna next week to attend the 7th OPEC International Seminar and meet OPEC Secretary General Mohammed Barkindo and other ministers.

OPEC members will meet on June 22 in Vienna to decide on the future of its production cut agreement, which as of January 2017 committed the bloc along with 10 non-OPEC countries, led by Russia, to a 1.8 million b/d supply cut.

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Earlier:

 INDIA - IRAN OIL IMPORTS
2018, June, 15, 11:05:00

INDIA - IRAN OIL IMPORTS

REUTERS - India’s oil imports from Iran surged to about 705,000 barrels per day (bpd) in May, their highest level since October 2016, according to data from shipping and industry sources, despite the threats of fresh U.S. sanctions.

 INDIA IGNORES SANCTIONS
2018, May, 30, 13:45:00

INDIA IGNORES SANCTIONS

BLOOMBERG - India, a long-time buyer of oil from both Iran and Venezuela, only complies with United Nations-mandated sanctions and not those imposed by one country on another, said foreign minister Sushma Swaraj at a press conference in New Delhi on Monday.

 ARABIAN OIL FOR INDIA
2018, May, 23, 10:05:00

ARABIAN OIL FOR INDIA

AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.

INDIA'S OIL IMPORTS UP 2.5%
2018, May, 18, 09:00:00

INDIA'S OIL IMPORTS UP 2.5%

REUTERS - India’s oil imports from Iran surged to 640,000 barrels per day (bpd) in April, its highest level since October 2016, according to data from shipping and industry sources, as refiners raised purchases ahead of looming U.S. sanctions against Tehran.

 

 INDIA'S OIL DEMAND UP 4.5%
2018, May, 16, 12:15:00

INDIA'S OIL DEMAND UP 4.5%

BLOOMBERG - India’s oil consumption surged 4.5 percent in April as industrial activity gathered pace in Asia’s third-largest economy and sales of trucks and buses soared.

 INDIA'S OIL RISK
2018, May, 10, 13:15:00

INDIA'S OIL RISK

BLOOMBERG - India sees a greater probability of global crude oil prices remaining high for a longer period, a scenario that threatens to dent growth and fan inflation in Asia’s third-largest economy.

 INDIA'S OIL DEMAND UP
2018, April, 23, 14:35:00

INDIA'S OIL DEMAND UP

PLATTS - India ended the first quarter of 2018 with robust oil products demand growth of 8.5%, the fastest quarterly growth since Q3 2016, as a renewed push on infrastructure projects and surging auto sales lifted gasoline and gasoil consumption.

 

 

 

Tags: INDIA, OIL, PRICE

Chronicle:

INDIA NEED RESPONSIBLE PRICE
2018, September, 24, 15:05:00

SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

INDIA NEED RESPONSIBLE PRICE
2018, September, 24, 15:00:00

U.S. RIGS DOWN 2 TO 1,053

BAKER HUGHES A GE - U.S. Rig Count is down 2 rigs from last week to 1,053, with oil rigs down 1 to 866, gas rigs unchanged at 186, and miscellaneous rigs down 1 to 1. Canada Rig Count is down 29 rigs from last week to 197, with oil rigs down 13 to 135 and gas rigs down 16 to 62.

INDIA NEED RESPONSIBLE PRICE
2018, September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

REUTERS - International benchmark Brent crude for November delivery LCOc1 was up 26 cents, or 0.33 percent, at $78.96 a barrel by 0647 GMT. U.S. West Texas Intermediate crude for October delivery CLc1 was up 7 cents, or 0.10 percent, at $70.39 a barrel.

INDIA NEED RESPONSIBLE PRICE
2018, September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

BLOOMBERG - Russia's oil output is currently fluctuating between 1.54 million and 1.55 million tons a day -- driven mainly by state-run giant Rosneft PJSC -- the official said, asking not to be named as the information isn’t public yet. That equates to 11.29 million to 11.36 million barrels a day, beating the previous record of 11.25 million barrels a day set in October 2016 before Russia agreed with the Organization of Petroleum Exporting Countries to cut production.

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