| Commodity Market News |
OIL: Crude slips as yuan uncertainty grows
23 June 2010
Crude prices fell as uncertainty grew about how much Beijing would allow its yuan currency to appreciate and the longer-term impact that would have on China's oil imports.
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India oil min tells states to cut fuel taxes
23 June 2010
India's oil minister on Monday urged state governments to cut the high rates of local taxes on gasoline and diesel to reduce the impact of rising global crude oil prices on oil firms.
In a statement in June 2010, Murli Deora also asked state governments to tax the fuels at specific rates instead of the current ad-valorem tax which makes them more expensive as international oil prices rise.
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U.S. EIA cuts long-term global oil demand forecast
27 May 2010
World oil demand will continue to grow through 2030, but demand that year will be about 2.5 percent less than previously thought due to use of renewables and higher oil prices, as per the U.S. government's top energy forecasting agency. In its annual forecast, the Energy Information Administration said global oil demand will average 103.9 million barrels per day in 2030, down from the agency's 106.6 million bpd demand estimate in last year's forecast.
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PEC floats bids for edible oil import
11 May 2010
State-owned trading company PEC Ltd has invited bids for import of 12,000 tonne of RBD Palmolien to be delivered by June.
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Oilseed output may rise 10% in 2010-11
11 May 2010
India’s total oilseed production for 2010 -11 is likely to increase by 10 per cent to 34.9 million tonnes over the last year as per US Department of Agriculture (USDA).
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Saudi to keep full crude supplies to Asia in June
11 May 2010
Saudi Arabia will supply full volumes to at least seven Asian customers next month, steady from May levels suggesting the top crude oil exporter is content with current oil prices.The kingdom had been expected to supply fully contracted crude supplies in June, something it has been doing since January to most of its customers, after reducing supplies for much of 2009 in accordance with an OPEC pact to curb production.
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China data suggest April crude import may top 20 mln T
11 May 2010
China's main ports received 18.46 million tonnes of crude oil in the first 29 days of April, up 26.6 percent from a year earlier.It suggests that the world's second-largest crude buyer's total inbound shipments could have topped 20 million tonnes last month as imports via several land entrances were not included in the statistics.
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Saudi aims to boost oil recovery by up to 70 pct
11 May 2010
Top oil exporter Saudi Arabia aims to boost recovery rates at key producing oil fields by up to 70 percent through new technology. The kingdom pumped around 8.25 million barrels per day (bpd) in April, according to a Reuters survey.
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Oil at $65 a barrel may sound alarm bells for OPEC
11 May 2010
Oil ministers from several OPEC nations played down on Saturday a sharp fall in prices, but Kuwait said another $10 drop may force the group into action.
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Oil slips from 18-month high as dollar strengthens
09 April 2010
Oil fell as the dollar firmed, sliding from an 18-month high near $87 reached a day earlier on data showing U.S. economic growth was accelerating.The fundamentals do not necessarily justify such a high price, but the underlying tone in the market remains very positive.
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