In its annual Commodity Markets Outlook, the World Bank lowered its price forecast for 37 of 46 commodities, including oil, saying that weak demand from emerging economies is likely to continue
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The commissioning of Paradip Refinery by Prime Minister Narendra Modi on February 7, will take the total number of IOC refineries to 11
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The Organization of the Petroleum Exporting Countries has renewed calls for rival producers to cut supply alongside its members, but Russia, seen as key to any deal, has resisted so far
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Iraq may raise output further this year, reaching levels as high as 4 million barrels per day from the country's south
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Environment Ministry allows state entity to drill 45 wells and develop other related infrastructure In Andhra Pradesh
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India, the world's third biggest oil importer, has stepped up oil imports from Africa in 2015 and New Delhi wants to boost shipments from the region
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Three areas have been offered to the Indian company, comprising blocks 8, 15 and 24, the last of which is in the development stage
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Iran's oil exports were already on target to hit a nine-month high in January, with 1.10 million barrels a day of crude, excluding condensate, to load.
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Iran has 22 Very Large Crude Carriers (VLCC) floating off its coast, with 13 fully or almost fully loaded, carrying enough crude to meet India's import needs for almost a week
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International spending could fall 11 per cent in 2016, with the Middle East still the lone source of strength as spending there is expected to rise 6 per cent: Barclays
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