India’s oil demand has a long and painful road to recovery ahead

Singapore — India’s oil demand has rebounded from levels witnessed during the lockdown, prompting refiners to raise throughput, but consumption will struggle to recover to year-ago levels in coming months and keep overall demand numbers for 2020 in the red, analysts told S&P Global Platts.   With the economy struggling and COVID-19 cases rising, domestic…

Oil dives 11% as investors fear a 2nd wave of coronavirus and the US surging crude inventories

Oil prices dropped sharply on Thursday as fears resurfaced that a second wave of coronavirus could hit the US and stunt economic activity, while data showing that US oil inventories surged last week also subdued prices. On Wednesday, data showed US commercial crude oil inventories rose by 5.7 million barrels compared to the previous week,…

Oil prices slump 8% as virus-related demand concerns resurface

NEW YORK – Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States. U.S. coronavirus cases surpassed 2 million on Wednesday, according to a Reuters tally, and new infections are rising…

China set to rival Dangote with Proposed $20 billion refinery

The race for crude oil domination will become even more interesting as China is set to go head-to-head with African giant, Dangote in the refinery business. With its reputation as the world’s biggest single-refinery train at 650,000 barrels per day capacity (bpd) after its completion in 2020, the Dangote Petroleum Refinery has the potential to…

EIA Forecast for Liquid Fuels

Although revisions to EIA’s forecasts in the June STEO are generally smaller than they have been in recent months, this forecast remains subject to heightened levels of uncertainty because mitigation and reopening efforts related to the 2019 novel coronavirus disease COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 pandemic has caused changes…

OPEC+ Cuts Effective In Reducing Oil Market Volatility

The study, OPEC’s Pursuit of Market Stability, was conducted by the King Abdullah Petroleum Studies and Research Center (KAPSARC) and published by the International Association of Energy Economics. The cartel’s performance between 2001 and 2014—three years before the advent of OPEC+ as opposed to just OPEC, was still robust, reduced oil volatility by as much…

Nigeria extends deadline for marginal oilfield bids

The Department of Petroleum Resources (DPR) announced earlier today that it had extended, by one week, the deadline for the registration of interest to bid for the marginal oilfields in Nigeria. As Nairametrics reported last week, the initial deadline for interested applicants to indicate interest for the bid was supposed to be June 14.However, the…