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The Dollar Business Bureau India’s energy market is set to explode in the near future, and by the early 2020s, the country will overtake Russia to become the world's third-largest refinery, according to a top official of the International Energy Agency. Speaking to the reporters on the margins of the international oil and gas meet CERA Week, Fatih Birol, Executive Director of IEA, said: "India is moving to the centre stage of global oil and energy markets. It is not only oil. It is coal. It is solar. It is out of the strong growth in the economy and the population growth." Petroleum Minister Dharmendra Pradhan is leading the Indian delegation to the event, which is also being attended by ...

The Dollar Business Bureau The demand for coal from India will see the highest growth in the next five years even as it slows down worldwide on low consumption in the US and China whereas the demand for renewable energy sources increases, said the autonomous organisation International Energy Agency (IEA). India will witness an average growth rate of 5% per annum by 2021 even as demand of coal peaks in China, the top consumer in the world, said the Paris-based body in a report on Monday. Last year, India's coal production increased 5.1%, it added. “Growth in global coal demand will stall over the next five years as the appetite for the fuel wanes and other energy sources gain ground,” as per the IEA's ...

The Dollar Business Bureau Oil prices increased on Thursday after the producers' group Organisation of Petroleum Exporting Countries (OPEC) surprised the oil market with a deal to cut production.  After a six-hour meeting and months of speculation, the OPEC group announced its plan to slash output to around 32.5-33 million barrels per day (bpd) from the level of 33.47 billion bpd in the month of August, said the International Energy Agency (IEA).  The informal meeting between the member nations was organised on the sidelines of the IEA meeting in an effort to stabilise the prices of oil that have been declined by a stubborn oversupply since 2014. Oil prices surged by around 6 percent after the news of cut in output and extended gains ...

The Dollar Business Bureau  Higher-than-predicted demand should augment prices of oil during 2016, though stocks continued to put downward pressure on prices, the International Energy Agency (IEA) said on Wednesday.  Revising its previous month's predictions of a rise of 1.3 million bpd, IEA in its monthly oil market report said that this year, the demand for oil globally will increase by 1.4 million barrels per day (bpd) to 96.1 million bpd. While forecasting a ‘return to balance’ in the entire ‘big picture’ direction of market, the energy agency said that the continuing high oil stocks is a risk to the current stability in the oil prices. Last month, the IEA had cautioned that significant rise in prices was unlikely as there is a huge inventory overhang ...

The Dollar Business Bureau International oil firms like Saudi Aramco, Total SA and BP plc are planning to tap India’s retail fuel market, Oil Minister Dharmendra Pradhan said on Friday. This clearly reflects the increasing role of the country in the crude landscape of the world, he said. The fuel market of world's fastest growing economy can be a lucrative prize for the global oil majors seeking retail outlets for diesel and gasoline. The country has registered the fastest growth in oil demand across the world during the first quarter of CY 2016. India is replacing China as the driver of global growth, as per the International Energy Agency’s latest report. Saudi Aramco wants to enter the Indian market and the Indian Government ...

The Dollar Business Bureau Crude oil prices fell more than 1% on Monday as investors accumulated profits after three weeks of gains. Early Monday, Brent crude was trading at $44.61/ barrel, down 1.1%, or 50 cents. The International Energy Agency (IEA) predicts crude oil prices to gradually pick up in 2018, but only after oil output in China, Colombia, Mexico, Russia and the US reset the global supply and demand prospects. The IEA forecasts oil demand growth to be around 1.2 million barrels in 2016, a rise in more than 33% slump from over 1.8 million-barrels-a-day expansion in 2015. "Fundamentals remain bearish and are set to deteriorate further, especially if prices move higher," Morgan Stanley said in a statement. "Still-elevated inventory levels, the return of ...

The Middle East will continue to be the main source of crude imports for India Source: PTI The US could be another source of crude oil supply which could benefit India in the years ahead   The Middle East will continue to be a big source of crude oil imports for India with the US being another potential source as country's oil demand is set to increase to five million barrels per day by 2021, the International Energy Agency (IEA) has said. "India is most definitely a growth hotspot country in the period (through to 2021). We are looking at an extra million barrel to be added by 2021 on the back of a very strong economic growth," Neil Atkinson, Head, Oil Industry and ...

The discussions focused on "subjects such as increasing the share of gas in India's energy mix, fresh investment in oil and gas exploration in India, regulatory frameworks, international acquisition of oil and gas assets among others Source: PTI Prime Minister Narendra Modi will hold talks with top leadership of Malaysia on ways to ramp up bilateral cooperation in areas including defence and security. The two sides are likely to sign a number of MoUs.   Prime Minister Narendra Modi on Tuesday interacted with global oil and gas experts including BP Group CEO Bob Dudley and International Energy Agency (IEA) Executive Director Fatih Birol to discuss ways of boosting investments in times of low oil prices. "The interaction which lasted over two hours also included ...