Before the intervention, global oil supply was set to exceed demand by about 500,000 barrels a day from April to June, before flipping into a deficit in the second half as China’s post-pandemic demand recovery picks up, according to Bloomberg calculations using data from the International Energy Agency.
The cutbacks unveiled by Saudi Arabia and its partners on Sunday change that picture. The excess anticipated this quarter is almost wiped out to leave markets in balance, while the stockpile drawdowns expected from July are considerably more pronounced.
ETMarkets.comThat ought to put the oil price recovery on a much stronger track. Goldman Sachs Group Inc. has upgraded is year-end forecast for Brent futures to $95 a barrel, while consultant Rapidan Energy Group says a surge well into triple-digits is possible
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Rate Action may Pause with 25bps Hike This WeekIndia’s central bank is likely to raise the cost of funds by a quarter percentage point this week, perhaps for the last time in the current cycle of rate hardening, as sticky local inflation and the West’s hawkish stance outweigh growth concerns spawned by a cumulative 250-basis point (bps) rate increase in less than 11 months.
Global, Indian FMCG Cos in Race for Capital FoodsNestle, Kraft Heinz, Hindustan Unilever, Tata, ITC, Orkla and Nissin Foods are among the contenders for an estimated $1-1.25 billion buyout of Capital Foods Pvt Ltd, the maker of condiments, food products and ingredients under the Ching’s Secret and Smith & Jones brands, said people with knowledge of the matter.
Several I-T Orders Sent under Black Money Law to Beat Mar 31 DeadlineSeveral orders for violating the black money law were released in the run-up to March 31 as the Income Tax (I-T) office rushed to beat the deadline set by the law.
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