India has emerged as the top buyer of US crude in the first quarter of calendar year 2021 from second-biggest buyer last year as the world’s third largest oil consumer looks at alternate sources of crude amidst a spat with Saudi Arabia, the world’s largest producer, to lift output curbs, …
Read More »India Looks to Lure Energy Investors away from China
India is trying hard to woo foreign investors as the nation tries to rebuild from its worst economic contraction on record. Hit particularly hard by the COVID-19 pandemic, the Indian economy is projected to record a 7.7 percent decline in the financial year ending this month–the single largest drop in …
Read More »India Plans to Cut Saudi Oil Imports as Riyadh Ignores Calls from New Delhi
Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC’s decision to ignore calls from New Delhi to help the global economy with higher supply. Two sources familiar with the discussions said the move …
Read More »India Asks Refiners to Diversify, Cut Reliance on Middle East Oil after OPEC+ Decision
India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided last week to largely continue production cuts in April, two sources said. India, the world’s third biggest oil importer and consumer, imports about 84% of …
Read More »SOMO: More than 60% of Iraq’s Asian Exports Go to India and China
Iraq, the top oil supplier to India, is not cutting volumes to the South Asian country in February amid a focus to maintain its market share in Asia, which consumes at least 70% of its crude exports, the deputy director general of Iraq’s State Oil Marketing Organization (SOMO) told S&P …
Read More »India’s Solar Energy Output may Match Coal-Fired Power by 2040
The share of solar energy in India’s power generation could equal coal fired output by 2040, the International Energy Agency (IEA) said yesterday, driven by falling renewable tariffs and a government push to increase green energy use. “Solar power is set for explosive growth in India, matching coal’s share in …
Read More »India to be Largest Source of Energy Demand Growth to 2040
India will make up the biggest share of energy demand growth at 25% over the next two decades, as it overtakes the European Union as the world’s third-biggest energy consumer by 2030, the International Energy Agency (IEA) said. India’s energy consumption is expected to nearly double as the nation’s gross …
Read More »India Takes Steps to Become Full Member of IEA
Preparatory to becoming a full member of the International Energy Agency (IEA), India has signed a “Framework for Strategic Partnership” with the IEA. India is currently an “Association Country” of the IEA, but it is seeking full membership of the Agency. The framework will “strengthen mutual trust and cooperation and …
Read More »India Unhappy with OPEC+ Oil Production Cuts
India, one of the world’s top oil consumers, has slammed OPEC for creating confusion with its latest decisions regarding oil supply, with many importers seeing their expectations of higher volumes disappointed. In December, OPEC+ had agreed to start raising oil production by half a million barrels daily from this month. …
Read More »Low Production Due to Covid-19 Raising Fuel Prices
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Monday said fuel prices had gone up because of lower production in oil-producing nations due to the coronavirus pandemic. This lower production had caused an imbalance in demand and supply, the minister said. “Oil producing countries stopped production or reduced …
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