1. India and China to form a bloc to bargain for oil supplies

Apr 26, 2019

China and India are drafting an arrangement to form a buyers’ bloc to bargain for oil supplies and reduce the influence of OPEC. The coming together of China and India may change the global energy architecture. India has been trying to include Japan and South Korea along with China.

Source: Live Mint

2. U.S. crude stockpiles surged to their highest levels since October 2017

Apr 24, 2019

U.S. crude inventories rose 5.5 million barrels last week, the Energy Information Administration (EIA) said. US Crude inventories are far more than the market forecast of an increase of 1.3 million barrels. At 460.6 million bbl, US crude oil inventories are at the 5-year average for this time of the year.

Source: Reuters

3. US Crude Output at a record 12.2 mbpd and oil Imports have increased

Apr 24, 2019

Crude output in the United States, which turned into the world’s top producer last year, edged back last week to its record high of 12.2 million barrels per day, while net imports jumped 900,000 bpd, EIA data showed.

Source: Reuters

4. Indian Copper exports plunge in Mar’19 after STERLITE unit’s closure

Apr 24, 2019

The export of copper and copper products in March 2019 declined sharply by 60.8% to $127.43 million, compared to the same month in 2018. Cumulatively for FY19, the export of the metal and its products dropped by a whopping 69.4% to $1.065 billion against FY18.

Source: Financial Express

5. Indian domestic copper production has fallen significantly

Apr 24, 2019

India’s domestic refined copper production had fallen significantly during the first half of 2018-19 mainly due to the shutdown of the 400-MT Tuticorin smelter of Sterlite which accounted for 40% of the country’s copper smelting capacity.

Source: Financial Express

6. US to end sanction waivers from Oil imports to India and 7 other nations

Apr 22, 2019

The United States wants all buyers of Iranian oil to end their imports shortly or face sanctions. In Nov’18, the US imposed sanctions on exports of Iranian oil, however, it granted Iran’s eight main buyers of oil, waivers to the sanctions, which allowed them limited purchases for six months. But, the United States is now not willing to extend those waivers beyond 2nd May 2019.

Source: Times of India

7. India is looking for alternate sources after US warned to end sanction waivers from Iran oil imports

Apr 22, 2019

Iran was the largest oil supplier after Iraq and Saudi Arabia in the last few years. India meets about 10 percent of the total needs. India may be looking for alternate sources from Saudi Arabia, Kuwait, Iraq, Nigeria and the United States. India, the world’s third-biggest oil consumer, meets more than 80 percent of its oil needs through imports.

Source: Bloomberg

8. Federal Reserve is expected to keep interest rates unchanged

Apr 26, 2019

The US Federal Reserve’s two-day policy meeting begins on 30th April, 2019 and will conclude on 1st May, 2019. The Fed is expected to keep interest rates unchanged. Investors were also cautious ahead of a two-day meeting of the policy-setting Federal Open Market Committee. 

Source: Reuters