It is obvious that a barrel price below $60 on the NYMEX is bad news for oil companies. Part of the drop reflects a strengthening American dollar, but recent demand forecast revisions are bleak. Governments, companies and investors think a prolonged recession or period of low growth is in the offing, and everyone should take note.
Continue reading "Benchmark:South of US$60"
Wednesday, October 29, 2008
According to official data, crude oil imports rose 17.6 per cent in September from a year earlier to 10.26 million tones. For full story, click here
Continue reading "India’s September crude imports up 17.6%"
Monday, September 8, 2008
OPEC’s meeting tomorrow will almost certainly result in talk of cutting production, but not much in the way of concerted action. Member nations’ motivations are not synchronized, so consensus is exceedingly unlikely. Iran wants to impose OPEC-wide decreases, but the UAE thinks current levels are appropriate. Although OPEC will not move together on this issue, some countries (notably Saudi Arabia) are likely to retrench significant volumes.
Continue reading "Benchmark: OPEC"
Monday, August 25, 2008
According to the Ministry of Knowledge Economy and Korean Customs, the country accrued a whopping US$6 billion trade deficit this month alone, as of Aug. 20. A ministry official said: Crude oil is still being imported at over $130 a barrel. For full story, click here
Continue reading "Crude Oil Keeps Korea in Red"
Thursday, August 14, 2008
As a concession in the Free Trade Agreement with Asean, India is open to bind zero duty for crude oil imports from Brunei. An official was quoted as saying: We have agreed to phase out duties on crude oil over a period of time for Brunei and not for any other country. For more information, click [...]
Continue reading "India open to scrapping import duty on crude oil from Brunei"
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Tuesday, November 11, 2008