Energy Sector Update: All Eyes On Q3 Result, Says IDBI Capital
An oil pumping jack, also known as a ‘nodding donkey’ and flare stack in an oil field in Russia. (Photographer: Andrey Rudakov/Bloomberg)

Energy Sector Update: All Eyes On Q3 Result, Says IDBI Capital

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

IDBI Capital Report

Bullish sentiments remained in crude oil prices on the back of demand recovery, rollout of Covid-19 vaccine and lower production from OPEC.

Brent crude oil price rose by 15.2% month-on-month to average 49.8/barrel of oil U.S. dollar in December 2020.

U.S. total rig counts increased to 351 at the end of Dec-20 from 320 at the end of Nov-20, though significantly lower compared to 830 rigs in same period last year.

OPEC’s production showed a slight improvement and rose by 0.8% month-on-month in Dec-20 to 25.5 millions barrel of oil per day (24.7mbpd in Oct-20).

Production from Libya increased 11% month-on-month to 1.2mbpd in December.

Singapore GRM remained flattish for the month of December to average 1.0/bbl U.S. dollar.

Click on the attachment to read the full report:

IDBI Capital Energy Sector update.pdf

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