Exports up 45% on-yr in first 3 weeks of July: Govt

2021-07-23 22:46:43

Led by petroleum, gems & jewellery, engineering goods, India’s goods exports in the first three weeks of July rose 45.13% year-on-year to $22.48 billion. Imports in the first three weeks of July posted a sharper increase of 64.82% to $31.77 billion, commerce and industry ministry said in a statement.

Excluding petroleum, oil and lubricants (POL), the export of all other goods increased by 34.11% in the July 1-21 period.

Exports of gems and jewellery, petroleum and

Continue Reading

Engineering goods exports to China, Singapore & Malaysia fall sharply in June: EEPC

2021-07-23 11:11:23

While engineering goods exports from India to most key nations recorded high double-digit growth in June mirroring global trade recovery, shipments to China, Singapore and Malaysia fell sharply during this period, said a media release issued by EEPC India on Friday.

Exports to China, world’s largest buyer of raw material, in value terms declined 33% to US$ 501.9 million in June, 2021 from US$ 747.1 million in the same month last year. On a cumulative basis also,

Continue Reading

Engineering goods exports to China, Singapore & Malaysia fall sharply in June: EEPC

2021-07-23 11:11:23

While engineering goods exports from India to most key nations recorded high double-digit growth in June mirroring global trade recovery, shipments to China, Singapore and Malaysia fell sharply during this period, said a media release issued by EEPC India on Friday.

Exports to China, world’s largest buyer of raw material, in value terms declined 33% to US$ 501.9 million in June, 2021 from US$ 747.1 million in the same month last year. On a cumulative basis also,

Continue Reading

India takes up high oil prices with OPEC, producers

2021-07-19 20:00:51

India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday. Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May. Petrol is retailing above Rs 100 a litre in more than a dozen states.

“The Government has been taking up the issue, bilaterally with

Continue Reading

Will Petrol, Diesel Prices Finally Come Down? OPEC+ Agrees to Iron Out Supply Constraints

Fuel prices are expected to come down shortly as the OPEC+ grouping on Sunday agreed to add more barrels to the market.

According to a report by Times of India, the grouping, which includes Russia, decided to raise production by 400,000 barrels per day (bpd) from August till December to restore 2 million bpd of production, or about 44% of India’s daily requirement. It also agreed on a higher production quota for United Arab Emirates, Iraq and Kuwait – all

Continue Reading

UAE’s energy minister says it supports OPEC+ agreement

The United Arab Emirates’ energy minister said on Sunday the Gulf state supports an agreement reached by the OPEC+ alliance.

“We support strongly the agreement reached,” Minister Suhail al-Mazrouei, was quoted as saying by al-Sharq TV.

OPEC+ agreed on Sunday to further ease oil supply cuts from August and to extend an overall supply management pact until the end of 2022.


Disclaimer: “This post has been auto-published from an agency feed without any modifications to the text.”


Source Continue Reading

OPEC+ agrees to boost oil supply from August as prices surge

2021-07-18 17:38:04

MOSCOW/DUBAI/LONDON: OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic.

The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 to overcome differences between Saudi Arabia and the United Arab Emirates (UAE) that threatened the plan.

OPEC+ last year cut production by a record 10 million

Continue Reading

OPEC+ meets to agree oil supply boost as prices rise

OPEC+ ministers will meet on Sunday in another attempt to agree a quick oil supply boost to address soaring oil prices as the global economy recovers from the coronavirus pandemic.

The group, which includes OPEC countries and allies like Russia, had earlier this month failed to resolve disagreement over a new output policy between Saudi Arabia and the United Arab Emirates (UAE).

OPEC+ last year agreed record output cuts of almost 10 million barrels per day (bpd) to

Continue Reading

OPEC+ plans new output policy meeting on Sunday, sources say

2021-07-17 17:25:28

OPEC+ ministers plan to hold their next meeting on Sunday to decide on output policy, three sources within the producers group told Reuters on Saturday.

The development comes after Saudi Arabia and the United Arab Emirates (UAE) reached a compromise last week in a dispute over OPEC+ policy, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices.

The Organization of the Petroleum Exporting Countries

Continue Reading

Abu Dhabi announces sudden overnight lockdown

The capital of the United Arab Emirates has announced a sudden overnight lockdown over the coronavirus pandemic, even as the rest of the country remains open for tourism.

The state-run WAM news agency announced late Thursday the lockdown would begin Monday and last each day from 12 a.m. to 5 a.m. It comes just ahead of the long Eid al-Adha holidays in the UAE, which begins Monday as well.

Abu Dhabi’s Emergency, Crisis and Disasters Committee euphemistically described the

Continue Reading

Oil falls a third day as supply worries mount

2021-07-16 08:10:46

TOKYO: Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic.

Brent crude was down 20 cents, or 0.3%, at $73.27 a barrel by 0018 GMT and is heading for a 3% decline this week after two days of heavy declines.

U.S. crude fell 12 cents, 0.2%, to $71.53 a barrel, and

Continue Reading

Petroleum Minister Hardeep Singh Puri calls OPEC kingpin Saudi Arabia to convey concerns over high oil prices

Continuing his oil diplomacy, Petroleum Minister ‎Hardeep Singh Puri on Thursday called OPEC kingpin Saudi Arabia to convey India’s concerns about high oil prices which have pushed fuel rates to record high. A day after he spoke to his UAE counterpart, Puri ‎spokes to Prince Abdul Aziz bin Salman Al Saud, Minister of Energy of Saudi Arabia. He had on Saturday spoken to his Qatari counterpart.

“Saudi Arabia is a central player in international energy market,” he tweeted. “I

Continue Reading

Petroleum Minister Hardeep Singh Puri calls OPEC kingpin Saudi Arabia to convey concerns over high oil prices

2021-07-15 23:25:00

Continuing his oil diplomacy, Petroleum Minister ‎Hardeep Singh Puri on Thursday called OPEC kingpin Saudi Arabia to convey India’s concerns about high oil prices which have pushed fuel rates to record high. A day after he spoke to his UAE counterpart, Puri ‎spokes to Prince Abdul Aziz bin Salman Al Saud, Minister of Energy of Saudi Arabia. He had on Saturday spoken to his Qatari counterpart.

“Saudi Arabia is a central player in international energy market,” he

Continue Reading

Indian mariner wins $1 million in UAE lucky draw

An Indian mariner has won USD 1 million (Rs 7.45 crore) in a lucky draw contest in the UAE, according to a media report on Thursday. Ganesh Shinde, 36, based in Thane, Maharashtra, bought the jackpot ticket on June 16 from the official Dubai Duty Free Millennium Millionaire and Finest Surprise draw website before his arrival here, the Gulf News reported.

Shinde works as a seaman for a Brazilian company and every time he travels between Dubai and

Continue Reading

3 reasons why global oil price may never reach the $100 mark again

2021-07-14 19:43:14

MUMBAI: There is a growing consensus in markets that global oil prices could reach the triple-digit mark by next year on the back of booming global demand as more economies open up after the ongoing Covid vaccinations.

Noted commodity strategist Francisco Blanch of BofA Securities last month made a case for oil to reach $100 per barrel, as demand booms and supply fails to catch up. In the options market, traders and hedge funds have been piling up

Continue Reading

Oil prices drop after Saudi-UAE reach output compromise

2021-07-14 18:29:24

LONDON: Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output.

The deal between the two Gulf producers means that members of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will be able to extend a deal to curb output until the end of 2022, the

Continue Reading

Oil Minister Hardeep Singh Puri dials UAE for affordable oil prices

2021-07-14 17:22:58

As fuel prices climbed to a record high, India’s new Petroleum Minister Hardeep Singh Puri has started dialling oil-producing nations to impress upon them for a need to make prices affordable for consumers. Puri, who last week called Energy Minister of Qatar, on Wednesday dialled his counterpart in the UAE, Sultan Ahmed Al Jaber.

“Conveyed my desire to work closely with UAE and other friendly countries to bring a sense of calm, predictability and realism among other

Continue Reading

Dubai bank’s win in Abu Dhabi court to remain legal headache for NMC

An Abu Dhabi judge referred to arbitration a dispute between NMC and Dubai Islamic Bank and ordered the firm to pay most of the legal costs incurred by the lender, in a case that impacts creditor recoveries in NMC’s multi-billion restructuring.

NMC, the largest private healthcare provider in the United Arab Emirates (UAE), ran into trouble last year after the disclosure of more than $4 billion in hidden debt.

Its UAE operating businesses were placed into administration in

Continue Reading

Oil prices slip as economic fears offset tightening crude supplies

2021-07-12 22:10:58

NEW YORK: Oil prices fell on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key crude producers to raise output in the coming months stalled.

Brent crude for September fell 45 cents, or 0.6 per cent, to $75.10 a barrel by 12:08 p.m. EDT (1605 GMT). U.S. West Texas Intermediate crude for August was at $74.07 a barrel, down 49 cents, or 0.7 per cent.

Both benchmarks fell about 1

Continue Reading

UAE says to launch digital currency within five years

The United Arab Emirates will launch its first digital currency by 2026, the central bank of the oil-rich Gulf state, which serves as the region’s financial hub, said Monday.

Several central banks around the world have recently announced similar plans while criticising decentralised cryptocurrencies like bitcoin.

The Emirates central bank said its plans include “issuing a digital currency and driving digital transformation in the UAE‘s financial services sector, by utilising the latest artificial intelligence and big data solutions.”

Continue Reading