Goldman Sachs cuts 2019 oil demand growth forecast to 1 million bpd
Wednesday, September 11, 2019, 7:59 AM
Goldman Sachs has lowered its forecast on 2019 oil demand growth, citing reduced demand from India, Japan, other non-OECD Asian regions, the Middle East and Latin America. The Wall Street bank revised its forecast down to 1 million barrels per day (bpd), from 1.1 million bpd but left its 2020 demand growth estimate broadly unchanged at 1.4 million bpd.
OPEC kingpin Saudi Arabia replaces energy minister with king's son
Sunday, September 8, 2019, 8:11 PM
Saudi Arabia's King Salman named his son as energy minister after veteran-official Khalid al-Falih was sacked, state-media said Sunday, in a major shakeup as the OPEC kingpin reels from low oil prices. The appointment of Prince Abdulaziz bin Salman, half brother to de facto ruler Crown-Prince Mohammed bin Salman, comes as Saudi Arabia prepares for a much-anticipated stock listing of state-owned oil giant Aramco.
Rupee snaps 6-day rally, settles 10 paise down at 70.80
Wednesday, February 13, 2019, 8:38 PM
Snapping its six-day winning run, rupee Wednesday settled 10 paise lower at 70.80 against US dollar amid rising crude-prices and heavy foreign fund outflows. Forex traders said dollar buying by oil-importers and strengthening of greenback against major-currencies overseas weighed on domestic-unit. At the Interbank Foreign Exchange market, rupee opened on strong footing at 70.48 and rose further to touch the day's high of 70.40.