 |
Louisiana Light • 2 days | 86.60 | -0.08 | -0.09% | ||
|
Bonny Light • 1 day | 88.69 | -0.04 | -0.05% | ||
|
Opec Basket • 2 days | 87.35 | -2.29 | -2.55% | ||
|
Mars US • 169 days | 77.67 | -1.57 | -1.98% | ||
|
Gasoline • 14 hours | 2.710 | -0.003 | -0.13% |
|
Bonny Light • 1 day | 88.69 | -0.04 | -0.05% | ||
|
Girassol • 1 day | 89.20 | -0.10 | -0.11% | ||
|
Opec Basket • 2 days | 87.35 | -2.29 | -2.55% |
|
Peace Sour • 21 hours | 75.30 | -0.05 | -0.07% | ||
|
Light Sour Blend • 21 hours | 78.35 | -0.05 | -0.06% | ||
|
Syncrude Sweet Premium • 21 hours | 85.30 | -0.05 | -0.06% | ||
|
Central Alberta • 21 hours | 75.70 | -0.05 | -0.07% |
|
Eagle Ford • 2 days | 79.21 | +0.04 | +0.05% | ||
|
Oklahoma Sweet • 2 days | 79.25 | +0.00 | +0.00% | ||
|
Kansas Common • 3 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 3 days | 86.86 | -2.40 | -2.69% |
Institutional Investors Double Down On Oil Despite Divestment Pledges
A new study reveals that…
Breakthrough Paper-Based Battery Design Draws Inspiration from Plants
Researchers at Tohoku University have…
India Set To Become World’s Fastest Growing Energy Market
Moody’s predicts India will surpass China as the fastest growing energy market in the world by the end of next year, according to a new report by the credit rating agency.
“As Chinese economic activity dials back, we expect its refined product demand growth will moderate to 2.5-3 per cent in 2017-18 which is nearly half of higher CAGR of 5 per cent in 2012-16. Still in absolute terms, China will still account for 48 per cent of Asian R&M demand growth in 2018,” the Moody’s report says.
Still, economic uncertainty in both China and India makes it difficult to determine whether or not India will actually be able to claim the top spot for energy growth.
“Given the oil sector’s reliance on China and increasingly India, we believe demand would face considerable risks if economic growth weakens materially below our expectations,” the report states.
Overall, Asia will continue to import fossil fuels to meet energy demand because refining capacity will be unable to keep up with regional energy appetite.
Last month, India reached a 14-year low in fuel demand as a massive flooding event unfolded over the course of a few weeks in vulnerable metropolitan areas. Assam, West Bengal, Bihar, and Gujarat all suffered from severe rain, causing demand for fuel for cars to drop. Flooded roads tend to lower the thirst for gasoline and transportation-related fuels.
Related: This Giant Oil Trader Sees Upside For Oil Prices
“Severe flooding in parts of the country may have impeded freight and manufacturing activities causing overall demand to contract,” Nevyn Nah from Energy Aspects said. “Also, demand growth was exceptionally strong in August last year resulting in a high base.” Last August’s figures showed 18 percent growth compared to the previous month.
ADVERTISEMENT
India is ready to buy oil from Russia, the United States, and any other trustable producer as the country’s middle class grows quickly.
By Zainab Calcuttawala for Oilprice.com
More Top Reads From Oilprice.com:
- Saudis Lead Gulf Movement To Diversify Away From Oil
- ExxonMobil Dethroned As Top Energy Company
- U.S. Shale Isn’t As Strong As It Appears
Zainab Calcuttawala
Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
