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Indian Steel Industry performance in April – January 2018

As per the latest provisional data from JPC, Indian crude steel production during April-January 2018 was 84.4 million tonnes, a YoY growth of 4.2% YoY and production for sale of total finished steel was 88.6 million tonne, up by 5.3% ...

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Iraq signs agreement to build 70,000 bpd oil refinery near Kirkuk

Iraq has signed an agreement to build a 70,000-barrels-per-day oil refinery near the northern city of Kirkuk, the oil ministry said. The agreement was signed with Ranya International, a company based in the semi-autonomous Kurdistan region, north and east of ...

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Lukoil CEO Mr Alekperov warns against sharp growth in oil prices up to USD 150

Tass cited Mr Vagit Alekperov, CEO of Russian oil major Lukoil, believes the OPEC+ oil production cut agreement will contribute to stabilization of oil prices but it is important to prevent their “explosive” growth up to USD 150 per barrel. ...

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Russian and Saudi energy ministers satisfied with oil market rebalancing

Russian energy ministry as saying that Russian Energy Minister Mr Alexander Novak met his Saudi counterpart Mr Khalid al-Falih in Oman, where they both expressed satisfaction with the way oil market has been rebalancing. “The market sees the efforts are ...

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US oil drillers cut rigs for 2nd week in three

US energy companies this week cut oil rigs for the second time in three weeks even though crude prices traded near their highest level since 2014. Drillers cut five oil rigs in the week to Jan. 19, bringing the total ...

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China inches closer to launching its first crude futures contract

China is inching closer to launching its first crude oil futures contract but it will happen only after the Lunar New Year holiday which ends on February 23, a government source with knowledge of the matter said. “Basically, there is ...

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OPEC pressure rise to develop long-term output plan

The battle between OPEC and shale oil producers can be characterized as a two-round fight. In the first round, shale producers gained market share and the price of crude crashed. In the second, OPEC curbed output as shale producers adapted ...

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Natural Gas Got Bomb Cycloned In The New Year

Natural gas is the dog that got its day in the New Year trading at $175/MMBtu spot in New York. Less than a month ago, Gas Exporting Countries Forum expected lower natural gas prices “over the next two decades” mostly due to ...

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Russia’s natural gas output jumps to record in expansion drive

Russia’s natural gas production rose to its highest ever last year, driven by increasing sales to Europe and rising domestic demand. Government data showed that output jumped 7.9 percent to beat a 2011 record. With a pipeline of projects including ...

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Oil prices expected to keep rising in 2018

Oil prices are likely to continue climbing in 2018 on the back of OPEC-led production cuts and a growing global economy, industry executives and analysts say. But any gains are expected to be kept in check by booming supplies from ...

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