Brent crude expected to trade in $75-80 range amid oversupply

06 Nov 2024 CW Team

Brent crude oil prices are expected to remain in the range of $75-80 per barrel, driven by an oversupply forecast and weak demand from China, according to Emkay Wealth Management Ltd. Brent is currently trading at $74 per barrel, with the market activity mostly confined to the lower end of the expected range, the wealth management arm of Emkay Global Financial Services noted in a press statement.

Fundamental factors, including estimates from OPEC, the International Energy Agency (IEA), and the U.S. Energy Information Administration (EIA), point toward an oversupply scenario in 2024. "The estimates indicate supply in excess of demand growth," Emkay Wealth said, adding that the outlook is further impacted by China’s declining demand for diesel and gasoline, which has reportedly weakened local refining activity over the last three months.

Despite tensions in the Middle East, no major disruptions have occurred in Iranian oilfields, and attacks on supply routes have been sporadic, Emkay Wealth noted. “There is no premium on oil prices due to the geopolitical developments as of today,” it said, highlighting that any price spike may only occur if the conflict escalates with direct impacts on oil production sites.

The report also underscored that US sanctions on Iran's petroleum sector remain tightened, yet these measures have not led to significant price increases. Emkay Wealth’s outlook suggests stability in oil prices unless there is a substantial change in the geopolitical landscape.

Infrastructure Transport

17 Oct 2025

Sonowal Unveils Eight Projects at NMPA’s Golden Jubilee

Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal, inaugurated the Curtain Raiser Ceremony of the Golden Jubilee Celebrations of the New Mangalore Port Authority (NMPA) at Bharat Mandapam. To commemorate the milestone, he unveiled eight major maritime infrastructure projects designed to strengthen India’s port network, enhance logistics performance, and promote sustainability. These include a modern cruise terminal, new covered storage facilities, a 150-bed multi-speciality hospital, expanded truck terminals, and improved port access infrastructure aimed at enhancing..

India To Boost US LPG Imports, Cut Middle East Reliance

India is planning to reduce imports of liquefied petroleum gas (LPG) from the Middle East as state-owned refiners prepare to ramp up purchases from the United States, according to sources familiar with the matter. The move aligns with New Delhi’s efforts to expand energy cooperation and secure a broader trade deal with Washington. State refiners have already notified their traditional LPG suppliers in Saudi Arabia, the United Arab Emirates, Kuwait and Qatar of the potential reduction in imports. Although the exact size of the supply cut was not disclosed, earlier reports suggested that Indi..

UK Sanctions Nayara Energy in Crackdown on Russian Oil

The United Kingdom has announced fresh sanctions on 90 entities, including Indian refiner Nayara Energy Limited, in its latest bid to curb Russian oil revenues and weaken President Vladimir Putin’s war funding. The sanctions, unveiled jointly by the Foreign, Commonwealth and Development Office (FCDO) and the UK Treasury, aim to disrupt networks supporting Moscow’s crude exports amid the ongoing war in Ukraine. According to the FCDO, the new restrictions are intended to “strike at the heart of Putin’s war funding” by targeting firms and assets that enable Russia’s energy trade. “..