Kuwait and saudi arabia

Barclays raised its 2021 oil price forecasts on Monday, driven by 'transitory factors' such as improved winter fuels demand due to colder weather, especially in Asia, and a weaker U.S. dollar. The bank maintained its bullish outlook for oil prices in the second half of the year but said emerging risks from growing coronavirus cases in China and the fading of such transitory factors could lead to near-term pullbacks.The British bank said it raised it price forecasts by $2 per barrel on average for this year. It sees WTI crude prices averaging $52 per barrel and Brent prices at $55 a barrel. Concerns over renewed COVID-19 lockdowns pushed Brent down by 8 cents, or 0.1%, to $55.38 a barrel by 0717 GMT and U.S. West Texas Intermediate crude to $52.26 a barrel on Monday. COVID-19 cases have climbed in China, casting a pall over demand prospects in the world's largest energy consumer, the main pillar of strength for global oil consumption.But, "the COVID-19 shock, despite its acute effects … [Read more...] about Barclays raises 2021 oil view; sees near-term risks from rising virus cases in China

United Nations: India's economy is estimated to contract by 9.6 per cent in 2020, as lockdowns and other containment efforts to control COVID-19 slashed domestic consumption without halting the spread of the disease, and the growth is expected to recover and grow at 7.3 per cent in 2021, according to a UN report on Monday. In 2020, the world economy shrank by 4.3 per cent, over two and half times more than during the global financial crisis of 2009. The modest recovery of 4.7 per cent expected in 2021 would barely offset the losses of 2020, said the latest World Economic Situation and Prospects released by the UN. In South Asia, the pandemic severely impacted most economies in the region, dragging down average GDP by -8.9 per cent in 2020. India, in particular, suffered its largest economic decline in history, with output falling by nearly 10 per cent in 2020. "India's economic growth has fallen from 4.7 per cent in 2019 to -9.6 per cent in 2020, as lockdowns and other containment … [Read more...] about Indian economy estimated to contract by 9.6% in 2020: UN report

supertankers that deliver about a fifth of the world’s crude oil. The result is likely to be booming trade on the beaches of Bangladesh, India and Pakistan, where obsolete ships go to get blow-torched and sold for scrap.Last week, the 1,200-foot vessels plying the industry’s busiest trade route -- from the Middle East to Asia -- effectively had to subsidize the delivery of cargoes because of how large the surplus of ships has grown.While the vessel glut has really been in place since when Covid-19 caused oil demand to collapse early last year, it has until recently been masked by a huge chunk of the fleet storing crude that was previously surplus to requirements. Now, with Saudi Arabia and other major producers keeping millions of barrels off the market, and consumption stronger, those stored cargoes are being snapped up again -- leaving the tankers unemployed.“It is hard to imagine a set of circumstances that is more against tanker owners than the ones at the … [Read more...] about Unemployed supertankers are about to get junked on Asia’s beaches