The Chasm between Saudi Arabia and India over Oil Supply Widens – possibility of unintended consequences

There is a growing rift between India, the world’s third biggest oil importer – and consumer – and Saudi Arabia over the supply of crude oil to the global markets. India maintains that the unilateral cut of 1 million bpd by Saudi Arabia, in addition to what was agreed by the OPEC+, is ‘artificial’ a…

Read more »

US becomes India's second largest crude oil supplier; Saudis have fallen to 4th position

Dharmendra Pradhan, the Petroleum and Natural Gas Minister of India, says that he is in talks with major oil-producing nations in order to bring down the crude oil price that has hit hard both the consumers and industrialists. Mr Pradhan said this in the wake of criticism in certain sectors in Indi…

Read more »

Oil Price: crude tide hits the buffers; more momentum needed to hit above $70

Crude oil price that has been rising steadily for weeks failed to creep into all-important $70 territory defying the expectations of the analysts. There are concerns about a sluggish increase in demand despite the impact of the pandemic being on the wane and vaccination campaigns in full swing acros…

Read more »

Reliance of Texans on natural gas for heating and electricity

In February 2021, an unusual weather event, an extreme winter weather front, brought the energy supply in the US state of Texas under tremendous strain as never before. Not only did it set off alarm bells across the energy sector, but also raised the concern about the logic of turning our back on fo…

Read more »

The EIA forecasts a significant crude oil inventory draw in the coming weeks and hints shale oil revival

The EIA, the US Energy Information Administration, forecasts a significant crude oil inventory draw in the coming weeks in response to the strong demand of the commodity. According to its latest projections, the supply of crude oil will remain constrained in the short term due to the recent OPEC+ de…

Read more »

Government Taxes on Fuels: the figures that remain in the shadow of oil drums

The steep rise in oil price, relative to what it was around this time last year, has led to a brewing storm in the sphere of global politics with the OPEC+ at its centre. The governments in question – or politicians for that matter – are looking for a scapegoat and they appear to have got a herd of…

Read more »

Plea for brining oil price down: India snubbed by Saudi Arabia

Read more »

Oil Price: Saudi Arabia increases crude oil price for the US and Asia - again

Having buoyed by the absence of an immediate threat from the US shale producers, Saudi Arabia shows no sign of slowing down its ambition to cash in on its position being the world’s top crude oil exporter. It raised the oil price for Asia and the US for the second time in a matter of few months; it …

Read more »

Sheikh Yamani and his Oil Prophesies

Sheikh Ahmed Zaki Yamani, the former Saudi oil minister who passed away on February 23 in 2021, has left an impressive legacy that no substitute can ever match in terms of vision, intellect, influence, power and the courage for calling a spade a spade when, the need was in the air. Mr Yamani achieve…

Read more »

Oil Price may hit above $70 soon: OPEC+ will not buckle under pressure

With the latest OPEC+ decision, which was a foregone conclusion anyway in light of the enormous power that Saudi Arabia wields in the organization, the crude oil price started rocketing on Friday, despite the substantial increase in crude oil stockpiles in the US. Usually the US crude oil stockpiles…

Read more »

OPEC+ Meeting: production levels are going to remain the same with an exception for two members

OPEC+ meeting ended on Thursday with Saudi Arabia reasserting its position as the shepherd of the block by leading the flock facing very little resistance against achieving its desired goal. Saudi oil ministers are renowned for going poetic whenever they wanted to add extra weight to the points they…

Read more »

Oil Price and Production Cuts: markets watch the outcome of OPEC+ meeting

With just less than 24 hours to go before the crucial OPEC+ meeting, oil price showed a modest increase, reflecting the general mood in the markets that supply floodgates will not open anytime soon. With the chasm between Iran and the US widening in the face of attacks on US interests in Iraq by Ir…

Read more »

OPEC+ Under Pressure from Major Consumers in Asia before Meeting on March 4

With just 2 days to go before the next crucial OPEC+ monthly meeting, the main players in the cartel are under increasing pressure not to extend their output cut for another month. India, for example, the world’s third biggest consumer, asked the organization not to resort to what it called, ‘artifi…

Read more »

Rising Oil Price: world's third largest consumer feels the pinch

The rising oil price has already affected the world’s third largest consumer of crude oil, India, both economically and politically. During the last six months, fuel price has gone up by a staggering 23%, taking its toll on the freight operators with a significant rise in the cost of rentals. Since m…

Read more »

Oil Price: does this the graph play a major role in its rise?

Oil price is rising and even an inventory hike did not affect its elevation to the current level this week. It went down at the early hours on Friday, most probably after the news about an air strike by the US inside Syria, targeting a group of fighters supported by Iran. Although the attack did not …

Read more »