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With OPEC keeping output steady, oil may trade at $40: Goldman Sachs
Bloomberg. SINGAPORE: U.S. oil prices will need to approach 40 barrels a barrel in the first half of this year as the U.S. abandons OPEC production cuts to balance the market Only the U.S. dollar will be needed to curb shale oil investment, Goldman Sachs said. The bank cut its global benchmark crude forecasts on expectations that inventories will rise in the first half of this year, according to an emailed report. Analysts such as Jeffrey Currie in New York (Jeffrey Currie) said Goldman Sachs said excess storage and tanker capacity suggests the market may be oversupplied for longer than in the past. The U.S. is using 30 oil The fastest rate of oil output in years, thanks to a shale boom that has provided oil to the Eagle Ford and the Bakken in Texas. North Dakota. Qatar estimates global oil supply at 2 million barrels per day, but oil prices fell nearly 50% last year because the Organization of Petroleum Exporting Countries (OPEC) refused to cut production. We believe pr...
HuberyFlower
49
May 31, 2024
Government allows direct sale of bio-diesel by manufacturers
NEW DELHI: In a bid to increase the availability of green fuel, the government today allowed private biodiesel manufacturers to sell directly to Indian Railways and other consumers. So far, only state-owned oil companies and private companies that have invested Rs 2 billion in oil infrastructure can use biodiesel. Retail sale of gasoline and diesel is allowed. The rule also applies to biodiesel that is blended with diesel before lighting a car. The Union Cabinet chaired by Prime Minister Narendra Modi today approved the amendments to the Motor Vehicles Act, December 19, 2005, relating to supply, distribution and prevention of negligence in respect of control orders for alcohol (petrol) and high speed diesel (diesel).” Here is the official statement: The amendment allows private biofuel diesel manufacturers, authorized dealers, and Ministry of Petroleum and Natural Gas (MoPNG) approved Oil Marketing Company (OMC) joint ventures to act as dealers and provide marketing/dis...
BishopGodwin
49
May 31, 2024
Oil & gas explorers with small fields to double the existing profit share to government
NEW DELHI: Companies operating small and medium-sized oil and gas fields will have to offer the government double their share of existing profits and divest assets for renewal of contracts of about 20 percent for a year, official sources said. Intervention. Large fields, such as Cairn India’s Rajasthan block and Reliance Industries’ KG-D6 block, will have separate policies. The current policy arrangement includes 20 companies held by Cairn India, Reliance Industries, British Gas and Hadi Petroleum A number of contracts in the SME sector are expected to expire in the coming years. The government is implementing a contract extension policy rather than negotiating them separately. “The reason for the high profit share is simple: in the last 200 years, contractors in the last To 25 A government source, requesting anonymity, said, “Any output beyond that is unexpected wealth, so the government should get it from this sector. It will bring the greatest benefi...
NortonEdmund
75
May 31, 2024
Narendra Modi government identifying small oil fields for auction
NEW DELHI: Minor Margins Petroleum and Oil Minister Dara Pradhan today confirmed that the government plans to auction off gas fields in the coming months for companies to boost domestic production. State-owned explorer ONGC and Indian Oil Corporation will relinquish low-producing small marginal fields due to production Economies of scale or operational issues. The fields are divided into auction blocks. He was speaking at the 13th “We are identifying marginal fields for auction through a transparent process,” said the Indian Oil Conference organized by the Indian Energy Forum and ORFF /p National Oil and Natural Gas Corporation Oil and Natural Gas Corporation (ONGC) 63 Oil and gas has proven to be uneconomic for large companies with high development or production costs. economic. Smaller companies with lower operating costs can develop these fields faster and more economically. Oil India Ltd (OIL) plans to give up six marginal divisions. Pradhan said the fields th...
BasilHelin
66
May 31, 2024
Govt to form committee to formulate National Rubber Policy
NEW DELHI: The commerce ministry of the Indian government has agreed to set up a core committee to formulate a national rubber policy, a source close to the matter told ETAuto. The move was revealed in collaboration with the Automotive Tire Manufacturers Association (ATMA) at a meeting with other industry representatives. The policy is expected to build on the existing National Automotive Policy and envision a long-term roadmap and strategy for the Indian rubber industry. ETAuto spoke to Rajani Ranjan Rashmi, Additional Secretary, Steering Committee on Farms and National Organic Products, but he declined to comment on the matter. A senior ATMA official said, “This policy, once implemented, will benefit the entire value chain.” As per the proposal, the core committee will comprise representatives of all stakeholders, including tire makers, rubber manufacturers and automakers. Over the past few years, rubber consumption in India has exceeded production. Accord...
EveHardy
50
May 31, 2024
Dunlop India may reopen Sahagunj facility
Kolkata: West Bengal Union Minister Purnenduuun Bose today said that Dunlop India it may reopen the doors of its Sahagunjj factory. Bose told reporters here today, “We have got a positive feeling from the management of Dunlop that they are willing to reopen the company.” pPawan Ruia 2009 Tire Manufacturing Company owned by Tire Manufacturing Company The factory was closed in the year.
KristinHarper
61
May 31, 2024
Expect two-wheelers to continue doing well: P Vijayaraghavan, TVS Srichakra
It’s Eastern time. TVS Srichakra shares his business outlook with Director P Vijayaraghavan. Refinement. ET Now: What led to your sharp rise in profits this quarter? P Vijayaraghavan: It is the result of good work. On the OEM side, the market has been good. Automakers continue to perform well. The growth in the first half of the current financial year is about 18%. According to OEMs, TVS tires are performing quite well. We continue to expand the aftermarket. Overall growth is good, although exports from some European countries are underperforming. Market conditions are helping us. During the quarter, we performed very well on material costs. Power and fuel costs have also come down and interest costs have also come down. This helped the company achieve significant growth in revenue and overall performance. ET Now: What are your sales and profit targets for the next three to four quarters? P Vijayaraghavan: That’s a good question. So far, we can see that ...
CathyCrane
63
May 31, 2024
ATMA pitches for more subsidies to boost rubber re-planting
NEW DELHI: INDUSTRY AGENCY ATMAAAAATMAAAAAAAMA Today, India’s aging rubber trees could lead to supply problems in the future and the government should encourage rubber plantation and provide more subsidies to the growers to increase the production in order to promote rubber. The growers are reluctant to replant due to the long gestation period. They are continuing to cut down old trees as they believe that the current high price of natural rubber (NR) makes them profitable despite the low production, they said in a statement. (Automotive Tire Manufacturers Association (ATMA) He said, “As the price of natural rubber declines from its current high level, growers should be encouraged to plant rubber sheet trees,” and “they will be more receptive to our planting program,” he said. ) Expression. This issue will be raised at the next National Rubber Policy Working Group meeting. as any further delay could seriously affect the long-term interests of...
RonaldEmily
67
May 31, 2024
No decision yet on restructuring: Kesoram
Kolkata: Kesoram is yet to decide how to restructure, a senior company official said today. This is because no progress has been made within the company as the core committee is yet to discuss ‘options’. Speaking at the company’s annual general meeting, Kesoram vice-chairman Manjush Khaitan said, “No progress has been made on the reorganization.” She declined to say when the three-member committee would submit a timeline for the much-needed restructuring report. Kesoram recently informed the exchanges that a three-member committee will be formed to oversee Kersoram’s “restructuring and reorganization.” The committee will consider the entire scope and not just the tire or cement business areas, Hettan said. Responding to speculation that the company will crack down on the tire business to raise resources to reduce debt, company executives said it is still too late to speculate on whether the company plans to divest any of it...
VeronicaRicardo
48
May 31, 2024
Michelin to take contest winner on free ride to Malaysian F1 Circuit
ETAuto Bureau. NEW DELHI: Tire manufacturer Michelin has launched a new initiative ‘Driver Recruitment Competition’ offering free day trips to the Malaysian F1 circuit. The campaign allows participants to share their driving experience in word and form. You can share your driving experience on Facebook. and Twitter to share it in video format. Four lucky winners will have the opportunity to visit the Sepang International F1 Circuit in Malaysia in August 2014 and drive a supercar. All visit expenses will be paid by the company. The winners will have the opportunity to drive ultra-high performance racers from Formulala 4, Renault Clio Cup, Lamborghini Super Trofeo and the legendary Formula Le. Through the race website, entrants can enter via the race website via wwwww.driverwanted.in在Facebook和Twitter上唱歌报名. 500 renowned Michelin customers, journalists and social media commentators from 16 countries will attend the track to experience the Michelin Pilot Sport. ...
NormanZechariah
46
May 31, 2024
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