MassiveIndustry

(Tue, 19 Jul 2016) In response to India's increasing reliance on petroleum imports, India plans to bring online the country's first strategic petroleum reserve (SPR). The first phase of India's SPR includes three locations (Visakhapatnam, Mangalore, and Padur) in southern India with a combined capacity of 39.1 million barrels of crude oil. The Visakhapatnam facility on the eastern coast began filling its underground caverns last summer. The Mangalore and Padur facilities are expected to be completed in late 2016, according to FACTS Global Energy.

Paul Hickin blogs on how OPEC’s decision to defend its market share by opting for freewheeling crude oil production appears to be working.

(Mon, 18 Jul 2016) Although the crude oil price decline since 2014 has led to significant reductions in operating cash flow for U.S. oil companies, their immediate financial situations are improving. As oil companies' spending falls and crude oil prices increase, the need for oil companies to find external sources of funding may decline, which could reduce financial strain in the coming quarters.

At the recent Platts Steel Markets Europe conference in Barcelona, Brexit paled in comparison to concerns around the ongoing influence of China on European steel markets.