April 22, 2021: The Phase-I of Covid-19 played havoc with the world economy more particularly with the oil sector. Even as the oil industry is crawling back to normalcy, comes the second phase. OPEC has, however, predicted an increase in oil demand in 2021. Click column Special Database for details.

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April 21, 2021: India’s fiscal year ends on March 31. Total natural gas production in FY 2020-21 was down from the level in FY 2019-20. In March too the production was down in the case of ONGC and Oil India. Click column Gas Scene for details.

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April 12, 2021 | The “Ugly Spat” And Some Hard Truths: The sharp spat between India and Saudi Arabia over the rising crude oil price had surprised the oil industry circles. The Financial Times called it an “ugly spat “.Both countries have been making a lot of effort in recent years to move closer. Prime Minister Narendra Modi took the initiative in breaking the ice which raised expectation of a big ticket investments flowing into India from countries like Saudi Arabia and United Arab Emirates. Saudi crown prince Mohammed bin Salman promised investment worth $100 billion over the next two years. Many in India believe that Pradhan has a strong point when he bats for a lower price. After all, India imports close to 84 per cent of its crude oil requirements, making it the single largest item of foreign exchange outgo. At the same time, Saudi Arabia opted for production cut not to maximise its oil revenue but to stabilise oil price. No one wants oil prices to fluctuate widely. The spat raises a question: Should India demean itself by importuning the OPEC for favours? Click Free Access column Petro Intelligence for a comprehensive piece on the subject.