Oil prices are expected to soften in the year ahead as supply-demand dynamics continue to hold sway.
While production adjustments by the Organization of the Petroleum Exporting Countries (OPEC) will decide the flow, growth prospects of major consumer economies, particularly China, will shape demand.
Prices could stabilise in the $70 to $75 per barrel range if OPEC reverses supply cuts even as demand growth in large economies moderates and geopolitical uncertainties do not aggravate. On the other hand, in calendar 2024, the average price was estimated to be $80 to $82 per barrel. The year saw some fluctuations, with prices rising to $90 per barrel in April because of uncertainties in West Asia and production adjustments by OPEC+ (a grouping of OPEC and 10 other oil producers).
Amid the shifting sands of geopolitics, Russia remained India's top crude oil supplier accounting for 35 to 40 per cent of total imports. Discounts offered by Russia because of western sanctions made this a win-win.
Esta historia es de la edición January 02, 2025 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición January 02, 2025 de Business Standard.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Cold wave, dense fog grip North India: Several flights delayed, schools shut
Low visibility conditions continued in Delhi on Sunday, while the Jharkhand government announced closure of schools from January 7-13 in view of a cold wave sweeping the eastern state.
Parts of US brace for heavy snow, ice, and blizzards
A blast of snow, ice, wind and plunging temperatures stirred up dangerous travel conditions in parts of the central US on Sunday, as a disruptive winter storm brought the possibility of the \"heaviest snowfall in a decade\" to some areas.
Delhi-Meerut travel now in 40 mins, via RRTS
PM also inaugurates Delhi Metro's Phase-IV stretch
Tighter anti-spam norms in a month: Trai
Pilot soon to onboard past user consents onto digital system
2025: Polls and the Fate of Freebies
This year will have the fewest elections of any in the current five-year electoral cycle. What does that mean for welfare schemes?
2024: The year that tested incumbents around the world
Apart from Assembly polls in Delhi and Bihar, 2025 could also see the long pending election to the country's wealthiest civic body, the Brihanmumbai Municipal Corporation.
India Is A Great Innovation Hotspot For Lenovo
Chinese technology major Lenovo has been reinventing itself in India, moving from screen to solutions every few years. Shailendra Katyal, managing director, Lenovo India, in a video interview with Pranjal Sharma, said India has become an important innovation hub for the company, which is also leveraging the country for exports. Edited excerpts:
India Ranked Second in Attacks by Threat Actors in 2024
Threat actors traded over 534 terabytes (TB) of data across industries and countries globally in 2024.
AI Euphoria May Fizzle Out Over Lack of Data
Tech giants are running out of data used to train AI systems. To overcome the problem, some companies are exploring new methods powered by 'synthetic data', write Cade Metz & Tripp Mickle
Prolonged litigation, low compensation
Bahadur Singh purchased a Mitsubishi Lancer diesel vehicle manufactured by Hindustan Motors.
