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Indian Farmers Reap a Bitter Harvest Ahead of Elections

Wherever India’s farmers are struggling — as they are in this rural community — Indian politicians are never far behind promising help. These days farmers are questioning just how helpful those politicians have really been. Last year, the farmers traveled to cities big and small to drive home their dissatisfaction, holding large demonstrations and protests. This year, when Prime Minister Narendra Modi and his Bharatiya Janata Party face the electorate in a general election that must be held by May, the farmers will have a chance to vote on their ...

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S&P Global Platts to reform key Dated Brent crude oil benchmark

S&P Global Platts plans reforms to its Dated Brent crude oil price assessment as part of ongoing moves to boost the liquidity of the benchmark used as a basis for pricing the majority of the world’s traded oil, it said. From November 2019, Platts plans to include qualifying North Sea crudes on an adjusted cost, insurance and freight (CIF) basis Rotterdam into in its FOB (free on board) Dated Brent benchmark. Related subscriber note: Platts proposes to reflect CIF Rotterdam offers in Dated Brent from November 2019 loadings The move ...

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Fund managers neutral on crude and fuel outlook: Kemp

Hedge fund managers show signs of having completed their recent sale of crude and refined fuels, with positions edging up slightly in the first week of the new year, amid hopes a recession can be averted. Oil prices have bounced off their recent lows, the U.S. dollar has weakened against most other major currencies and expectations of a trade deal between the United States and China are rising. Portfolio managers raised their net long position in ICE Brent crude futures and options by 6 million barrels to 158 million barrels ...

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Iran has been and will remain a frontier in OPEC: Barkindo

OPEC Secretary-General Mohammad Barkindo has stressed the important role of Iran as one the founders of OPEC saying that Iran will always be a frontier in the future of the organization. In an interview with Shana, Barkindo noted that the Organization of the Petroleum Exporting Countries will always remain the same and no other interpretation of OPEC is legitimate. “Having a vision beyond the market’s short-term outlook is crucial for our organization. We need to ensure, with our cooperation, that OPEC remains an efficient and strong organization for the foreseeable ...

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Aramco’s IPO looks believable again after Saudi speaks up about reserves

Saudi Arabia has finally silenced its peak oil critics and simultaneously revived interest in its stalled $2 trillion plan to IPO state-owned producer Aramco. The kingdom revealed last week it has enough crude to pump at current rates for at least another 70 years. At the end of 2017, Saudi oil reserves stood at an eye-watering 268.5 billion barrels, up from previous estimates of 266.4 billion. By comparison, the UK’s remaining cache of commercially retrievable oil under the seabed of the North Sea could be almost completely drained in a ...

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Oil And Gas Digital Investment Is Surging But Progress Remains Slow

Global oil and gas executives are preparing to accelerate investment in digital technologies, primarily with an objective of doubling down on their cost-saving ambitions, as the market volatility of 2018 spills over into 2019, fresh market evidence suggests. The third quarter of last year saw Brent futures touch levels as high as $85 per barrel. But the very next quarter ensured the year ended on a firmly bearish note as the global proxy benchmark plummeted below $55 at one point, before mounting a January recovery. In the light of the ...

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Oil Wildcats to Watch for Signs of Asia Drilling Rebound

After a few fallow years, oil and gas drillers may be poised to unearth new reserves in the Asia-Pacific, according to energy consultant Wood Mackenzie Ltd. Some of the world’s biggest explorers are drilling wildcat wells in places like Pakistan, Indonesia and Papua New Guinea this year, hoping to discover the massive deepwater finds that have largely been missing from the region since firms slashed spending following the 2014 oil price crash. “Explorers are getting a little bit more ambitious in this part of the world,” Andrew Harwood, the consultancy’s ...

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British Pound Volatile As Brexit-vote Day Arrives

The British pound bounced around Tuesday, ahead of a crucial vote on U.K. Prime Minister Theresa May’s exit plan from the European Union, which Parliament will vote on later in the day. Giving up most of an earlier lead, sterling last bought $1.2869, slightly up from $1.2866 late Monday. It tapped a session high of $1.2917 during the Asian market hours. On Monday, the U.K. currency rallied to a two-month high after the Conservative and May-sceptic European Research Group reportedly said it would support May in Tuesday’s vote. The pound ...

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UK parliament to reject May’s EU divorce deal, say economists

The British parliament will vote down Prime Minister Theresa May’s Brexit divorce deal on Tuesday, all 40 economists polled by Reuters said, although the country is eventually expected to reach a free trade agreement with the European Union. But in a twist in the latest poll, the chances of no deal have slipped and are now less likely than Brexit being cancelled – a first since Reuters started asking this question in late 2016, the year of the referendum. May has so far been unsuccessful in convincing MPs to back ...

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Asia’s policymakers must prepare today for the jobs of tomorrow, for our prosperity depends on our readiness

Technology optimists argue that progress creates many more jobs than it destroys. They say fears over job losses are as misplaced as the Luddites’ 19th century concerns over the loss of jobs like horse-and-buggy driver, or loom weaver. More recently, the automated teller machines (ATMs) also support this view, since the machines haven’t replaced bank tellers, but broadened their roles into customer relationship managers. Certainly, the skyscrapers of Manila and Mumbai are filled with people doing new jobs that have moved them from poverty into the middle class. The last ...

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Economy capped off strong 2018 with big holiday season, but we won’t know for sure due to government shutdown

The holiday shopping season looks to have been one of the best in years in another manifestation of the economy’s firm backbone, but don’t expect to hear about it this week. The partial government shutdown that began Dec. 22 has forced a delay in key economic reports. The newest victim might be Wednesday’s scheduled release of U.S. retail sales in December. The latest snapshot on home construction is also at risk. The good news is Wall Street and the Federal Reserve aren’t flying entirely blind. Another pair of reports in ...

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New habits, strategies and skills needed as global economy sands shift

We are moving into a new era. Longheld geopolitical and international economics norms are being upended. Technology is also transforming how we live, work and play. A WORLD AWASHED IN CHAOS The trade war between the US and China poses the greatest threat to global growth as disruptions to trade flows and global supply chains come under siege. Businesses on both shores of the Pacific are bearing the bulk of damages, especially as the bilateral relation shifts gear. The US Department of Commerce has curbed American firms’ dealings with Chinese ...

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Brexit takes toll on Britain’s financial sector, outlook weak

Uncertainty over Brexit and the economy have led demand for Britain’s financial services to shrink for the first time in five years, with no immediate sign of an improvement, a survey by business group CBI and PwC showed. And profitability in the sector which raises most tax in Britain was flat for the third quarter in a row in the three months to December 2018, the survey released on Monday said. The survey of 84 firms said demand is expected to continue falling during the quarter to March, with profitability ...

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MMi Daily Iron Ore Index Report January 15 2019

Demand for low-grade products such as SSF and FMG Blended Fines has surged, pushing the 58% port stock index

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Tanker Market Rates 15/01/2019

Daily rates on main tanker routes as compiled by shipbroker Charles R. Weber.

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