Pushing a barrel of oil back to around $100 would require a reduction of production of about two million barrels a day - a cut that would fall predominantly on Saudi Arabia.
Severe sluggishness in demand in Europe hit India's merchandise exports, which fell for the third consecutive month this financial year. Compared with $26.3 billion in the corresponding period last year, exports fell 14.8 per cent to $22.4 billion in July. This was the steepest fall in 35 months (exports had declined 23.59 per cent in August 2009).
The largest component in computing CAD is trade deficit. India's trade deficit widened to $13.35 billion in October as exports contracted 5.04 per cent and gold imports surged
OPEC expects an additional daily average output growth of 1.2 million barrels or a daily average oil output of 87 million barrels in 2008. The OPEC output quota this year will be less than 32 million bpd and non-OPEC output would be about 50.3 million bpd, according to a report . OPEC's actual production will be higher than the quota but that will not be sufficient to coverup the demand-supply imbalance in the international market.
OPEC, which has oil reserves that constitute 80 percent of the total global reserves, is unwilling to increase output to bring down oil prices. This makes OPEC too responsible for the rising oil prices, apart from the weak dollar. OPEC has said that world oil demand this year is forecast to grow by 1.2 million barrels daily to an average of 87 million barrels per day. As OPEC's output remains insufficient to cover rising demand from Asian region, oil prices will tend to rise.
India's crude oil imports are coming in from a changing mix of countries, with the top three accounting for around 60 per cent of total imports. Russia emerged as the largest source of crude oil imports for India in June, as per the latest available data from the Organization of the Petroleum Exporting Countries (OPEC). The data which is released with a lag, showed that Russian imports accounted for 24 per cent of the total crude imports into the country.
Shreekant Sambrani remembers P R S 'Biki' Oberoi, personal friend and hospitality icon, who passed into the ages this week.
There have been growing global concerns over China's sweeping claims of sovereignty over all of the South China Sea, a huge source of hydrocarbons.
Exports in May 2012 stood at $24.77 billion.
Since their highs in September, chemical stocks have underperformed the benchmarks and broader indices over the past month with larger players witnessing a 9-22 per cent fall during this period. Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance.
India's oil import bill for the first quarter of the current fiscal has climbed to $4.72 billion while petroleum product exports totalled $706 million.
Some of these nations are India's biggest export market. India is also dependent on these countries to meet its energy needs.
The external environment has worsened further. While the Finnish economy entered into a recession, Swedish economic growth also dipped. The Finnish gross domestic product (GDP) dropped 0.6 per cent in October-December, 2022. It was the second quarter of negative growth, which is a technical definition of recession.
The country's export growth slowed down in October this year to 19 per cent while imports rose at a much faster pace of more than 39 per cent on the back of rising crude oil prices, widening the trade deficit so far this fiscal to $30.23 billion.
India will export its first warship later this month, a move that is seen as a big leap for the country's defence public sector units.
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