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Falling Rig Count Supports Oil Prices

Oil prices found some support…

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The 3 Most Important Numbers in Energy – 11th April 2014

The Insider’s weekly run-down of critical figures and happenings from around the energy world.

42%. Monthly increase in India’s coal imports, according to industry analysts Interocean.

The big jump includes a 36% rise in thermal coal imports, as compared to February. Along with a 63% increase in metallurgical coal shipments.

The numbers confirm the trend of significantly rising coal imports into India. An important observation, as coal prices globally have been moderating. This strong demand however, could put a floor under the market—and perhaps set the stage for a notable recovery.

6.5 million tonnes. Amount that Indonesian state utility PT Perusahaan Listrik Negara (PLN) expects its coal use to rise in 2014.

PLN forecast this week that its total coal demand will hit 78.5 million tonnes this year. An important figure given the rising demand for coal globally—as discussed above.

Indonesia has been one of the few nations able to ramp up export supply to places like India. But more coal being used domestically could limit the amount the nation can ship abroad.

The impact could be particularly significant when combined with recently-announced coal production restrictions from the Indonesian government. And low prices, which are seeing many producers struggle to turn a profit.

92,905. National oil production of Pakistan during March, in barrels per day.

The mark was an all-time high in output…

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