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Riyadh [Saudi Arabia], June 5 (ANI): The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The <keyword id="108969" type="General" weightage="50" keywordseo="organisation-of-the-petroleum-exporting-countries" source="Orion">Organisation of the Petroleum Exporting Countries</keyword> (<keyword id="11974220" type="General" weightage="20" keywordseo="opec" source="Orion">OPEC</keyword>) and its allies, known as <keyword id="8874275" type="General" weightage="20" keywordseo="opec-plus" source="Orion">OPEC Plus</keyword>, met on Sunday and resolved to prolong the oil output cutbacks under the leadership of Russia and Saudi Arabia. OPEC described the move as aiming to "achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive and preemptive", The Hill reported. In April, Saudi Arabia, Russia, and other OPEC+ oil producers declared their intention to reduce production by 1.16 million barrels per day. The countries that produce oil had previously agreed to reduce their output by 2 million barrels per day through the end of the year. When the decision was made, the National Security Council criticised it, stating that the administration did not consider cuts "advisable at this time given market uncertainty." President Biden had also threatened that there would be "consequences" for Saudi Arabia, after the country announced the production cut last October of about 2 million barrels per day, The Hill reported. This move is not expected to affect gas prices in the United States, as pump prices have remained flat even after Memorial Day weekend travel. As of Sunday, the national average of gas prices was USD 3.55 per gallon, according to AAA.

OPEC Plus will continue oil output cuts as prices remain unchanged

State-owned <keyword id="20039950" type="General" weightage="20" keywordseo="Bharat-Petroleum-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharat Petroleum Corporation" meta.hostid="153" meta.entityid="Bharat Petroleum Corporation">Bharat Petroleum Corporation</keyword> plans to invest Rs 1.7 lakh crore over the next five years to grow its core oil refining and fuel marketing business as well as in 'future big bets' of <keyword id="20115883" type="General" weightage="20" keywordseo="petrochemicals" source="keywords">petrochemicals</keyword> and <keyword id="19895435" type="General" weightage="20" keywordseo="green-energy" source="keywords">green energy</keyword>, its chairman G Krishnakumar has said. At present, Bharat Petroleum Corporation Ltd (<keyword id="19908646" type="General" weightage="100" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword>) owns about 14 per cent of India's oil <keyword id="20064251" type="General" weightage="20" keywordseo="refining-capacity" source="keywords">refining capacity</keyword> and about a quarter of the fuel retailing network. It plans to grow these businesses while foraying into newer areas. The firm is now implementing the first phase of a multi-decade aspirational journey in the form of '<keyword id="22826627" type="General" weightage="20" keywordseo="project-Aspire" source="keywords">Project Aspire</keyword>' - its five-year strategic framework that is based on two fundamental pillars - 'Nurturing the Core' and 'Investing in Future Big Bets', he said in the company's latest annual report. "Our mid-term strategy is on a continuum. While we remain committed to growing our core businesses, which include refining and marketing <keyword id="20037698" type="General" weightage="20" keywordseo="petroleum-products" source="keywords">petroleum products</keyword> and upstream, we are equally focused on our big bets comprising petrochemicals, gas, green energy, non-fuel retail, and digital. "Project Aspire, with a planned capex outlay of around Rs 1.70 lakh crore over five years, will enable us to create long-term value for our stakeholders while preserving our planet for future generations," he said. "A cornerstone of our long-term strategy, Project Aspire, with a Rs 1.70 trillion investment, marks the initial phase of our multi-decade odyssey to shape the energy of tomorrow. This, coupled with our robust balance sheet, fuels our ambition to lead the <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>." The company is targeting net zero carbon emissions from its operations by 2040. "BPCL has drawn a net-zero roadmap, which encompasses renewable power, green hydrogen, compressed biogas, carbon capture, utilisation, and storage (CCUS), efficiency improvement and the offsets procurements. This would require a phased capital outlay of approximately Rs 1 lakh crore till 2040, and the company is geared for the same," he said. The firm's bet on continuing investing in core businesses is based on the premise that India's booming economy will drive a 4-5 per cent annual increase in energy demand and petroleum product consumption. Also, the demand for major petrochemical products is expected to rise by 7-8 per cent annually. "This presents a strategic opportunity to expand refining capacity alongside the development of integrated petrochemical complexes," he said. BPCL is implementing new petrochemical projects at two of its three oil refineries. A Rs 49,000 crore ethylene cracker project is being implemented at the Bina refinery in Madhya Pradesh, alongside raising oil refining capacity from the current 7.8 million tonnes to 11 million tonnes annually by 2029. A polypropylene project is being set up at Kochi refinery in Kerala by 2027. "To meet the anticipated demand beyond our planned expansions in Bina and Kochi, we are actively evaluating options for setting up additional integrated refining and petrochemical capacities within the next 5-7 years," Krishnakumar said without disclosing either the investments or the location of such a project. Andhra Pradesh is being speculated as the likely site after Prime Minister Narendra Modi's BJP and regional party TDP stormed to power in the state in recently concluded assembly elections. TDP has been demanding the implementation of a refinery-cum-petrochemical complex that was promised as part of the package when the state was split more than a decade back. "Our investment in the petrochemical project is consistent with our aspiration of becoming a dominant player in India's petrochemical growth story," Krishnakumar said. On energy transition, he said BPCL is targeting to build 2 gigawatts (GW) of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity by 2025 and 10 GW by 2035. "We are investing nearly Rs 1,000 crore to establish two 50 MW captive wind power plants in Maharashtra and Madhya Pradesh, which will support our refineries in Mumbai and Bina." The firm is also investing around Rs 300 crore in 72 MWp of solar project in Prayagraj, Uttar Pradesh. "Concomitantly, we are executing green hydrogen projects aligned with the National Green Hydrogen Mission. These projects include a 5 MW electrolyser plant at Bina refinery and a green hydrogen refuelling station with an indigenously developed electrolyser at Kochi," he noted. BPCL, he said, is committed to supporting the transition to electric mobility through a robust and accessible charging infrastructure. The company has installed over 3,000 charging stations, including fast chargers for cars and two-wheelers. 900 fast chargers are installed across 120 highway corridors, which helps address the range, discovery and time anxiety of electric vehicle (EV) owners. "Over the next five years, we aim to install 4-wheeler fast chargers at approximately 6,000 retail outlets across 400 highway corridors, prioritising high-traffic corridors like the Golden Quadrilateral and N-S/E-W highways," he said. On biofuels, he said BPCL sells petrol with 20 per cent ethanol blend at 4,279 out of its over 22,000 petrol pumps. It is also building compressed biogas plants using municipal solid waste to make gas that can be used as CNG in automobiles. The firm is also exploring partnerships in the arena. "These combined efforts, along with the upcoming commissioning of a bio-ethanol refinery, positions BPCL as a key player in India's transition to a greener fuel mix, creating a robust ecosystem for the adoption of cleaner fuels across the country," he added. BPCL is establishing a corporate venture capital fund to invest directly in promising startups. "In order to thrive in this complex and challenging business landscape, we will leverage our agility and focus on operational excellence to ensure continued success. Safety and reliability will remain our top priorities, guiding all our actions. We are committed to upholding the highest standards of corporate governance," he added. He said the energy sector of India stands at an inflection point. "The nation has an ambitious vision of becoming a USD 30 trillion developed economy by 2047. 'Viksit Bharat @2047' will necessitate an almost fourfold increase in primary energy demand." India's exponential growth trajectory will propel it to a pivotal role in the global energy market, accounting for roughly 12 per cent of world energy consumption by 2047. "The key strategic objectives for India in the energy sector will entail significant expansion in refining capacities, raising the share of gas in the energy basket from about 6 per cent to 15 per cent, establishing leadership in petrochemical exports, and sharply reducing energy imports from current levels of 47 per cent to below 25 per cent by 2030 and to zero by 2047," he said. India is targeting 500 GW of non-fossil fuel energy capacity, sourcing half of its energy needs from renewables, reducing carbon emissions by 1 billion tonnes and lowering carbon intensity by 45 per cent by 2030 with the ultimate goal of net-zero emissions by 2070. "Building on its strong Indian energy presence, BPCL aspires to meet 7-10 per cent of the nation's primary energy demand by 2047," he said.

BPCL planning Rs 1.7 lakh crore spend to expand core business, new energy foray over next five years

Despite unfavourable economic conditions in major markets such as the European Union (EU), the US, and West Asian nations, Indian <keyword id="21353395" type="General" weightage="100" keywordseo="textile-exports" source="keywords">textile exports</keyword> grew by 9.59 per cent compared to the previous year in May 2024, the Confederation of <keyword id="22064995" type="General" weightage="20" keywordseo="Indian-textile" source="keywords">Indian Textile</keyword> Industry (CITI) said in a report. Simultaneously, <keyword id="22064997" type="General" weightage="20" keywordseo="Indian-apparel-exports" source="keywords">Indian apparel exports</keyword> saw a growth of 9.84 per cent during the same period. The CITI in its report highlighted that the cumulative exports of textiles and apparel during May 2024 registered a growth of 9.70 per cent over May last year. The country's overall exports for May 2024 surged to USD 68.29 billion. This was a substantial year-on-year increase of 10.2 per cent, according to data released by the Commerce Ministry on June 14. The analysis noted that during Apr -May' 24, Indian textile exports registered a growth of 6.04 per cent over the previous year, while apparel exports registered a growth of 4.46 per cent during the same time period. The cumulative exports of textiles and apparel during April-May 2024 saw a surge of 5.34 per cent as compared to the same period last year. The recently released export data revealed that sectors such as electronic goods, drugs and pharmaceuticals, organic and inorganic chemicals, engineering goods, petroleum products, plastics &amp; linoleum, cotton yarn/fabs made-ups ( textiles manufactured), handloom products, etc., man-made yarn/fabs./made-ups, handloom products etc. performed well in the exports from the country. Other merchandise products, such as meat, dairy and poultry products, mica, coal and other ores, minerals including processed minerals, RMG of all textiles, tea, coffee, rice, tobacco, carpet and handicrafts, oil seeds; and fruits and vegetables, did well too. On Friday, AshwKumar, President of the Federation of Indian Export Organisations (FIEO), highlighted that a positive trajectory was seen in May 2024, driven by robust order bookings. Among the top ten export markets for India were the US, UAE, Netherlands, UK, China, Singapore, Saudi Arabia, Bangladesh, Germany and France. Considerably, in these markets, the exports registered a double-digit growth rate. Breaking down export data released yesterday, the merchandise exports witnessed a 9.1 per cent rise to USD 38.13 billion, while service exports climbed by 11.7 per cent, reaching USD 30.16 billion. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/hyundai-motor-india-files-draft-papers-with-sebi-for-indias-biggest-ipo/articleshow/111014559.cms" target="_blank">Hyundai Motor India files draft papers with SEBI for India’s biggest IPO</a><a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/tata-group-reportedly-looking-to-acquire-a-majority-stake-in-vivo-india/articleshow/110987274.cms" target="_blank">Tata Group reportedly looking to acquire a majority stake in Vivo India</a><a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/kkr-beats-mi-in-terms-of-brand-value-csk-and-rcb-continue-to-lead/slidelist/110963926.cms" target="_blank">KKR beats MI in terms of brand value, CSK and RCB continue to lead</a>

Indian textile exports surge by 9.59% in May despite global economic challenges

The country's <keyword id="20631272" type="General" weightage="20" keywordseo="merchandise-exports" source="keywords">merchandise exports</keyword> are expected to increase about USD 60-70 billion to <keyword id="20120060" type="General" weightage="20" keywordseo="USD-500-billion" source="keywords">USD 500 billion</keyword> by the end of FY25, apex exporters' body <keyword id="20516660" type="General" weightage="20" keywordseo="FIEO" source="keywords">FIEO</keyword> said on Thursday. Federation of <keyword id="702966" type="General" weightage="20" keywordseo="Indian-export" source="Orion">Indian Export</keyword> Organisations (FIEO) President <keyword id="19991031" type="General" weightage="20" keywordseo="Ashwini-Kumar" source="keywords">Ashwini Kumar</keyword> also said the country's <keyword id="20061029" type="General" weightage="20" keywordseo="services-exports" source="keywords">services exports</keyword> are also likely to reach USD 390-400 billion this fiscal. "We are looking for merchandise <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> between USD 500-510 billion in 2024-25. In the services, we expect exports to be around USD 390-400 billion for the current fiscal," Kumar told reporters in New Delhi. She said <keyword id="20677957" type="General" weightage="20" keywordseo="traditional-markets" source="keywords">traditional markets</keyword> like the US and Europe will help in <keyword id="21683869" type="General" weightage="20" keywordseo="boosting-Indias-exports" source="keywords">boosting India's exports</keyword>. In 2023-24, exports had dipped over 3 per cent to USD 437 billion.

India's merchandise exports to rise 12-15%, reach USD 400 billion this fiscal: FIEO

<ul class="summary-list"><li><keyword id="12241007" type="UNKNOWN" weightage="60" keywordseo="opec" source="Orion">OPEC</keyword>'s Secretary-General <keyword id="14381468" type="UNKNOWN" weightage="60" keywordseo="mohammad-barkindo" source="Orion">Mohammad Barkindo</keyword> died late Tuesday, according to a Nigerian <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> official.</li><li>Barkindo led the oil producers' group from 2016 and pioneered the OPEC+ alliance with Russia and other non-members.</li></ul><keyword id="7486227" type="UNKNOWN" weightage="60" keywordseo="opec" source="Orion">OPEC</keyword>'s Secretary-General Mohammad Barkindo, a Nigerian politician who served as the head of the oil producers' group from 2016, has died aged 63.Barkindo died unexpectedly at around 11 p.m. Tuesday, the CEO of Nigeria's National Petroleum Corporation said on Twitter."We lost our esteemed Dr Muhammad Sanusi Barkindo," Mele Kyari <a href="https://twitter.com/MKKyari/status/1544524688315060227">tweeted</a> Wednesday. "Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC and the global energy community."The head of OPEC — the <keyword id="14381469" type="UNKNOWN" weightage="60" keywordseo="organization-of-petroleum-exporting-countries" source="Orion">Organization of Petroleum Exporting Countries</keyword> — died just a few weeks before his six-year term at the helm of the Vienna-based group was due to end, and just hours after giving a speech at a summit in Abuja. He had returned to his home country of Nigeria to prepare for the next stage in his career, Bloomberg reported.Barkindo was the main architect of the 2016 OPEC+ alliance, which brought the group's members together with outside major oil producers such as Russia. He also led the organization through fallouts from the COVID-19 pandemic, Russia's invasion of Ukraine, and surging volatility in the <keyword id="11895969" type="UNKNOWN" weightage="60" keywordseo="commodities" source="Orion">commodities</keyword> market.

OPEC's secretary general Mohammad Barkindo dies aged 63

The export of <keyword id="6367091" type="General" weightage="20" keywordseo="petrol" source="Orion">petrol</keyword> by Indian oil marketing companies (<keyword id="88586" type="General" weightage="20" keywordseo="OMCs" source="Orion">OMCs</keyword>) rose 142% in a year between 2020-21 and 2021-22, while there was a minuscule rise of less than 1% in the export of diesel during the same period. According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142% more than 276 TMT of petrol exported by the country in 2020-21. In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1% over the previous year. The three OMCs, namely the <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword>, <keyword id="6374014" type="General" weightage="80" keywordseo="hindustan-petroleum" source="Orion">Hindustan Petroleum</keyword>, and <keyword id="156368" type="General" weightage="50" keywordseo="bharat-petroleum-corporation" source="Orion">Bharat Petroleum Corporation</keyword>, export petrol and diesel to several nations across the world. OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/verdict-on-demonetisation-cannot-be-interpreted-as-upholding-the-move-cpim/articleshow/96682871.cms">Verdict on demonetisation cannot be interpreted as upholding the move: CPI(M)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rishabh-instruments-files-draft-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96683706.cms">Rishabh Instruments files draft papers with SEBI to mobilise funds via IPO</a>

Petrol export by OMCs rose 142% between 2020-21 and 2021-22

India's merchandise <keyword id="35090" type="General" weightage="20" keywordseo="exports" source="Orion">exports</keyword> slipped by 2.83 per cent to USD 33.90 billion in November while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> narrowed to USD 20.58 billion, according to government data. <keyword id="35091" type="General" weightage="20" keywordseo="imports" source="Orion">Imports</keyword> also fell by 4.33 per cent to USD 54.48 billion in November, the data released by the commerce ministry on Friday showed. Cumulatively, the country's merchandise exports in April-November FY2023-24 contracted by 6.51 per cent to USD 278.8 billion. Imports were also down by 8.67 per cent to USD 445.15 billion in the eight-month period due to a fall in <keyword id="522549" type="General" weightage="20" keywordseo="oil-imports" source="Orion">oil imports</keyword>. Oil imports dipped to USD 113.65 billion as against USD 139.29 billion in April-November 2022-23. The trade deficit - difference between imports and exports - during the eight-month period was USD 166.35 billion against USD 189.21 billion in the corresponding period last year. Briefing reporters here, Commerce Secretary Sunil Barthwal said that given the global situation, India's export numbers are good. All key export sectors have recorded negative growth during the April-November period of this fiscal and that include petroleum products, <keyword id="44517" type="General" weightage="20" keywordseo="gems" source="Orion">gems</keyword> and jewellery, chemicals, garments, and engineering goods. Sectors which registered positive growth include electronics, iron ore, and pharma. The other import segments whose inbound shipments are contracted include coal, coke; pearls, precious and semi-precious stones; and fertiliser. However, gold imports increased by 21 per cent to USD 32.93 billion. Electronic goods' imports have risen to USD 57.83 billion during April-November 2023-24 against USD 51.89 billion in the same period last year. The gold imports in November rose by 6.24 per cent to USD 3.44 billion. Oil imports during the month, however, dipped by 8.47 per cent to USD 14.93 billion. Barthwal said the global trade is suffering but, "we are holding the fort". He added that GDP growth of many countries are "not so high", interest rate regime is not softening, global conflicts are aggravating, irrespective of these issues, "we are doing well". Exports in October had grew by 6.21 per cent. According to the data, the estimated value of services export for November is USD 28.69 billion, as compared to USD 26.93 billion in November 2022. During the eight-month period, these exports stood at USD 220.66 billion as compared to USD 208.30 billion in April-November 2022. The World Trade Organisation (WTO) has forecast that global trade will grow only by 0.8 per cent in 2023. According to UNCTAD report, global trade expected to shrink by nearly 5 per cent in 2023 amid geopolitical strains and shifting trade patterns.

India's exports dip 2.83% to $33.9 bn in Nov; trade deficit narrows to $20.58 bn: Govt data

<ul class="summary-list"><li>The Baltimore bridge collapse will put a dent in the city's 28-million-ton coal-exporting operation, the EIA says.</li><li>The port is the second-largest exporting hub of coal in the US, accounting for 28% of total coal exports in 2023.</li></ul>The ship that crashed into a bridge in Baltimore this week is going to be a drag on the coal-export market this year, the Energy Information Administration said in <a href="https://www.eia.gov/todayinenergy/detail.php?id=61663" target="_blank" rel="noopener">new research</a>.Currently, the collision of the Maersk ship into the Francis Scott Key Bridge has temporarily halted all shipping traffic from the Port of Baltimore. The port is the second-largest exporting hub of US coal, a release from the EIA stated. Last year, the port accounted for 28% of total US coal exports. That's a total of 28 million short tons.While the EIA has already forecasted a slowdown in US coal exports this year as renewable energy adoption replaces coal consumption, the port closure will further negatively impact exports, the agency said.The hiccup has already <a href="https://markets.businessinsider.com/news/stocks/baltimore-bridge-collapse-global-stock-market-impact-maersk-consol-energy-2024-3?mrfhud=true">affected the share prices</a> of key companies involved in the coal trade in Baltimore lower, from Consol Energy to CSX Railroad.Most of the coal leaving the Baltimore port would head towards Asia, EIA data shows. In fact, last year, demand for coal from Asian countries accounted for a surge in exports, especially from India, where the manufacturing industry is a big customer. China and Japan have also been buying more coal from the US over the past few years.Besides coal, however, energy markets are expected to go relatively untouched. In terms of petroleum products, the Baltimore terminal mostly imports biodeisel feedstock and edible oils from countries in Central America and Western Europe, the EIA researchers said.It could, however, impact agricultural markets. The Port of Baltimore is the closest coastal port to Midwestern markets which have a significantly higher demand for products like fertilizers, the EIA said. And the terminal imports the most urea ammonium nitrate, a liquid fertilizer product, on the Atlantic Coast.

The Baltimore bridge collapse will put a dent in a 28-million-ton coal-exporting operation, EIA says

<ul class="summary-list"><li>Since President Joe <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword> tapped the <keyword id="12561907" type="UNKNOWN" weightage="60" keywordseo="strategic-petroleum-reserve" source="Orion">Strategic Petroleum Reserve</keyword>, US crude supplies have jumped.</li><li>But refining capacity constraints have limited how much extra <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> the US can process. </li></ul>Since President Joe Biden announced the release of oil from the Strategic Petroleum Reserve to try to tame high gasoline prices, the US has sent more crude to other countries.US supply is expected to hit 13 million barrels per day this summer for the first time since November 2019, according to <a href="https://www.rystadenergy.com/newsevents/news/press-releases/us-gulf-crude-exports-to-hit-record-high-this-quarter-despite-domestic-supply-shortage/">Rystad Energy</a>. Meanwhile, refining capacity constraints have limited how much extra oil the US can process. Because of earlier shutdowns and limited investment in recent years, capacity has shrunk and refineries have been running nearly at full tilt to meet high demand for gasoline and other fuels.In a report late last month, Rystad said "the unintended consequence of federal intervention is that more barrels than ever before are being sold to international buyers."US oil <keyword id="12534666" type="UNKNOWN" weightage="60" keywordseo="exports" source="Orion">exports</keyword> from the Gulf Coast were on pace to hit an all-time high of 3.3 million barrels per day in the second quarter of 2022, Rystad said, edging past the previous high of 3.2 million in the first quarter of 2020.And by the second quarter of 2023, Rystad sees Gulf Coast exports topping 4 million barrels per day due to strong Strategic Petroleum Reserve drawdowns and robust domestic supply growth.<div type="image" title="Rystad Energy Research" height="984" width="1844" msid="92771435" hostid="261" sizebytes="41836"></div>"Domestic refining capacity in the US remains depressed compared to pre-Covid levels, so it's no surprise that government intervention to support crude supplies has resulted in an increase in exports of domestically produced light barrels," said Artem Abramov, head of shale research at Rystad Energy, in the report. In June alone, the US exported a total of <a href="https://markets.businessinsider.com/news/commodities/oil-us-strategic-petroleum-reserve-asia-europe-exports-russia-crude-2022-7">5 million barrels of reserve oil</a> to Asia and Europe, Reuters reported.The releases from the Strategic Petroleum Reserve come as US oil companies have prioritized returning capital to shareholders over expanding production faster. In fact, US crude oil production dipped 0.5% in April to about 11.6 million barrels per day, hitting the lowest level since February, the Energy Department said on Friday.While output from the Permian Basin is rising, the Bakken shale formation has seen production slip, keeping total US output below its all-time high of 12.3 million barrels per day. But since oil is traded globally, the extra supplies from the US reserve can still benefit consumers regardless of where they go. "It means the US is able to support global <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> amid the most challenging energy crisis in at least 30 years," Abramov added.In recent weeks, oil and gasoline prices have been coming down, though fears of a recession have also hit expectations for future demand.Matt Smith, lead oil analyst for the Americas at Kpler, told Insider that it doesn't make a significant difference whether oil from the US reserves is exported overseas or used domestically. If anything, oil supplies that go abroad could have a bigger benefit if they help ease the international benchmark for oil prices."Either way, the goal was to keep [crude] prices down. It doesn't necessarily matter that these barrels are leaving the US, because part of the goal was in response to <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>, so those SPR barrels are meant to backfill Russian crude," Smith said. "And even if SPR barrels are leaving the US, that could actually have a bigger impact on oil prices if it pressures the price down on Brent crude."

Here's why tapping the US oil reserve has led to America increasing crude exports - and why even more US energy supplies could be shipped overseas

<ul><li><keyword id="47969" type="ORGANIZATION" weightage="60" keywordseo="Opec">OPEC</keyword> cut its forecasts for 2020 and 2021 global <keyword id="66775" type="PERSON" weightage="60" keywordseo="Oil-demand">oil demand</keyword> on Wednesday, citing rising COVID-19 cases and government lockdowns as a risk to the commodity market.</li><li>In its November <a href="https://www.opec.org/opec_web/en/publications/338.htm">report</a>, the lowered its 2020 demand projection by 0.3 million barrels to 90 million barrels per day. </li><li>The revision follows similar downward adjustments from earlier in the year and places the year's forecasted global demand at its lowest since 2013.</li><li>Next-year demand was revised lower by 0.3 million barrels to roughly 96.3 million barrels per day. While markedly higher than the 2020 forecast, it still sits well below the pre-pandemic high of 99.8 million barrels.</li><li><a href="http://newsletter.businessinsider.com/join/4np/power-line">For more stories like this, sign up here for our weekly energy newsletter, Power Line</a>.</li></ul>OPEC now expects the coronavirus pandemic to have wiped out seven years of growth in global oil demand this year.In its latest monthly <a href="https://www.opec.org/opec_web/en/publications/338.htm">report</a>, the coalition lowered its demand outlook for <keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">crude oil</keyword> in 2020 by 0.3 million barrels to 90 million barrels per day. OPEC has repeatedly cut its forecasts for demand growth over the past few months and now expects global consumption to hit its lowest since 2013 this year, according to <a href="https://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR_November_2014.pdf">past reports</a>.OPEC also cut its 2021 forecast by 0.3 million barrels to roughly 96.3 million barrels per day. Demand is expected to pick up more swiftly next year, as the economy recovers from the effects of the pandemic, but it will still fall well below the 99.8 million barrels per day seen in 2019.Read more: <a href="https://www.businessinsider.com/16-stock-picks-to-buy-as-pandemic-fears-recede-evercore-2020-11">A Wall Street bank breaks down why Pfizer and BioNTech's vaccine efficacy news means a faster return to normal — and shares the 16 stocks set to bounce back rapidly as soon as COVID panic recedes</a>"These downward revisions mainly take into account downward adjustments to the economic outlook in OECD economies due to COVID-19 containment measures, with the accompanying adverse impacts on transportation and industrial fuel demand through mid-2021," OPEC said.A resurgence in cases of COVID-19 has plunged several major European economies into new lockdowns and threatens to reverse a lot of the economic recovery that has already taken place. The oil price nosedived in March as the sudden implementation of quarantine orders slammed travel activity and, in turn, demand for crude. US futures even turned negative in April as a supply glut overwhelmed traders who then struggled to find storage for unwanted inventory.While OPEC continues to pump less oil than the market requires, its latest forecast shows it's not cutting down on the global surplus as fast as previously expected.<a href="http://newsletter.businessinsider.com/join/4np/power-line">Click here to subscribe to Power Line</a>, Business Insider's weekly energy newsletter. The coalition is set to meet on November 30 and December 1 to further discuss its production policy and potential supply cuts. OPEC and several partner nations, including Russia and Oman, established <a href="https://markets.businessinsider.com/commodities/news/oil-price-war-opec-russia-historic-agreement-crude-production-cut-2020-4-1029084523">a record supply cut</a> of 9.7 million barrels per day in April but trimmed the cut to 7.7 million in August. The group plans to shrink the cut further in 2021, but may keep it in place in an attempt to support prices, particularly given OPEC's outlook for demand for its own crude.OPEC expects demand for its crude to fall to 22.1 million barrels per day this year, marking a decline of 0.2 million barrels per day from its previous forecast and a drop of 7.2 million barrels per day from 2019. In 2021, it expects demand for its crude to rise to 27.4 million barrel per day, above 2020, but still 0.2 million barrels per day less than it anticipated in October.The revised demand projections did little to dent crude oil's rally. Futures have turned higher through the week as encouraging news from Pfizer's latest coronavirus vaccine trial signaled the drug could reach the public in early 2021. Experts have long viewed an effective vaccine as the best bet for fully reopening economies.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> futures leaped as much as 4.1%, to $43.06 per barrel, on Wednesday. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest">Brent crude futures</a>, the international benchmark, rose 3.9%, to $45.31 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-rally-coronavirus-vaccine-biden-presidency-goldman-2020-11-1029792261">The S&amp;P 500 will rally another 11% by mid-2021 as a coronavirus vaccine is rolled out and corporate profits rebound, Goldman Sachs says</a><a href="https://www.businessinsider.com/economic-outlook-covid-resurgence-quarterly-growth-recovery-dallas-fed-kaplan-2020-11">Spiking coronavirus cases could curb economic growth well into 2021, Dallas Fed President says</a><a href="https://www.businessinsider.com/election-investing-advice-4-sectors-to-buy-dems-win-senate-2020-11">A Wall Street expert says the stock market would drop 10-15% if the Georgia run-off turns the Senate blue — and says investors should look to these 4 areas if it does</a>

OPEC slashes 2020 and 2021 forecasts as surging coronavirus cases jeopardize oil-market demand

New Delhi, The government on Tuesday increased the <keyword id="14716344" type="General" weightage="20" keywordseo="windfall-profit-tax" source="Orion">windfall profit tax</keyword> on <keyword id="45185" type="General" weightage="20" keywordseo="crude-oil" source="Orion">crude oil</keyword> produced in the country and reduced the levy on exports of diesel. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil was increased to Rs 9,800 per tonne from Rs 9,050 a tonne, according to an official notification. SAED on the export of diesel was reduced to Rs 2 per litre from Rs 4 a litre and on <keyword id="19342328" type="General" weightage="20" keywordseo="jet-fuel-or-ATF" source="Orion">jet fuel or ATF</keyword> to nil from Rs 1, the notification said. SAED on export of petrol will continue to be zero. The new tax rates will come into effect from Wednesday. India first imposed <keyword id="2378386" type="General" weightage="20" keywordseo="windfall-profit" source="Orion">windfall profit</keyword> taxes on July 1 last year, joining a growing number of nations that tax supernormal profits of energy companies. At that time, export duties of Rs 6 per litre (USD 12 per barrel) each were levied on petrol and ATF and Rs 13 a litre (USD 26 a barrel) on diesel. A Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) was also levied. The tax rates are reviewed every fortnight based on average oil prices in the previous two weeks. A windfall tax is levied on domestic crude oil if rates of the global benchmark rise above USD 75 per barrel. Export of diesel, ATF and petrol attract the levy if product cracks (or margins) rise above USD 20 per barrel. Product cracks or margins are the difference between crude oil (raw material) and finished petroleum products. International crude oil prices averaged USD 90.17 per barrel in October. The levy on domestic crude oil dropped to nil in the first half of April as international crude oil prices fell but was back in the second half in step with a rise in rates. Levy on diesel became nil in April but the levy was brought back in August. Levy on ATF became nil in March and was brought back in second half of August. The export tax on petrol was scrapped in the very first review. Crude oil pumped out of the ground and from below the seabed is refined and converted into fuels like petrol, diesel and aviation turbine fuel (ATF). Reliance Industries Ltd, which operates the world's largest single-location oil refinery complex at Jamnagar in Gujarat, and Rosneft-backed Nayara Energy are primary exporters of fuel in the country.

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