NEW DELHI: Developing countries will lose their oil and gas income, which could fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, according to a joint statement \u2014 a rarity \u2014 by the International Energy Agency and Opec.
\nThis is likely to have \u201cmajor social and economic consequences\u201d, notably for public sector spending in vital areas like healthcare and education, the joint statement by IEA director Fatih Birol and Opec secretary-general Mohammad Barkindo said.
\nIn the Indian context, this means lower 2019-20 profit for state-run oil majors which are big contributors to the government kitty. Producers such as ONGC, for example, take a big hit in their per-barrel earning and refiner-marketers will lose heavily from inventory losses in the fourth quarter. This will bring down the overall profit for the current fiscal.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Developing countries will lose their oil and gas income, which could fall by 50% to 85% this year to a more than two-decade low if current market conditions persist, according to a joint statement \u2014 a rarity \u2014 by the International Energy Agency and Opec. This is likely to have \u201cmajor social and economic consequences\u201d, notably for public sector spending in vital areas like healthcare and education, the joint statement by IEA director Fatih Birol and Opec secretary-general Mohammad Barkindo said. In the Indian context, this means lower 2019-20 profit for state-run oil majors which are big contributors […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-342592","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/342592","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=342592"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/342592\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=342592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=342592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=342592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}