Milk prices to stabilise in fiscal year 2020-21
Milk prices, which have risen by Rs 4-5 per litre over the past nine months, are likely to stabilise in 2020-21 as production is expected to pick up due to abundant water availability and anticipated normal monsoon, according to a report. Production of milk has been shrinking since April last year due to high summer temperatures and lower availability of water, made worse by delay in rainfall, rating agency Crisil said in the report.
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Modest global growth for iron ore production
Global iron ore production will grow modestly over the years due to mine expansions in Brazil and increasing output from India, Fitch Solutions’ latest industry trend analysis found. Meanwhile, analysts say output growth in China will decline on the back of falling ore grades and high costs of production. Global iron ore production will grow from 2,896 mnt in 2019 to 3,147mnt by 2029, Fitch forecasts. This represents an average annual growth rate of 0.8 percent during 2020-2029, which is a significant slowdown from an average growth rate of 3.0 percent during 2010-2019. Fitch forecasts iron ore production in Australia to grow minimally over 2020-2029, averaging an annual 0.7 percent growth, compared with 8.7 percent growth over the previous 10-year period. This is due to mothballing of mines from junior miners, while major players will stick to their production growth targets to crowd out high cost producers.
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Africa’s largest oil nation could see production drop 35pc
Nigeria’s oil production could drop by 35 percent in the next ten years as regulatory uncertainty and costs amid languishing oil prices may prompt oil majors to postpone final investment decisions on three major deepwater projects, consultancy Wood Mackenzie told on Thursday. OPEC member Nigeria is the largest oil producer in Africa and it pumped 1.776 million barrels of oil per day (bpd) in January 2020, according to OPEC’s secondary sources in its monthly report published. Adding condensate production, Nigeria’s total oil output exceeds 2 million bpd. However, three deepwater projects offshore Nigeria, operated by oil majors Exxon, Shell, and Total, could see their start-up dates delayed by two to four years to the late 2020s, according to the research WoodMac shared on Friday.
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Energy ministry limits leviathan gas production after identifying fault
The Energy Ministry ordered gas production to be limited from the offshore Leviathan platform on Thursday, after a malfunction was discovered in a pipeline leading to the reservoir wells. The malfunction was discovered during the current pilot period of the natural gas project, which started production on January 6, in a section of the pipeline located near the reservoir production wells – also known as jumpers. A vibration was detected in the pipeline by an underwater robot lowered into the sea. To minimize vibrations, the Energy Ministry instructed platform operator Noble Energy to reduce the quantity of gas extracted from the wells by approximately 40percent of total output. The quantity will only be increased by the ministry after required tests are completed successfully.
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4,100-Ton sugar seized from godowns, sold in open market
The Punjab government has confiscated over 4,100 tons of sugar from godowns and sold it in the open markets in the ongoing drive against hoarders. According to official data available with The News, on a single day of February 10, 1,082 raids were conducted across the province in which different hoarded items including 82,153 sugar bags, 10,000 wheat bags, 2,000 pulses bags, 700 rice bags and 2,000 ghee tins were confiscated. The highest-ever sugar stock was confiscated in Faisalabad, consisting of 15,028 bags, followed by Layyah where 27,700 bags were recovered and sold in the market at official rates. According to data, 2,900 sugar bags were confiscated in Bahawalnagar, 3,571 in Bahawalpur, 8,560 in Rahim Yar Khan, 2,050 in D G Khan, 150 bags in Rajanpur, 827 bags in Jhang, 4,400 bags in Narowal, 2,000 bags in Gujaranwala, 600 bags in Sialkot, 700 bags in Kasur, 2,000 bags in Sheikhupura, 2,037 bags in Lahore, 2,500 in Vehari 1,000 bags in Lodhran, 750 bags in Okara, 400 bags in Pakpattan, 2,000 bags in Sahiwal, 3,180 bags in Bhakkar, 1,200 bags in Khushab, and 400 bags in Sargodha. The official market price of sugar is fixed by the government at Rs70 per kg.
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Gold, silver prices gain as coronavirus outbreak escalates
Gold and silver prices are moderately higher in midday U.S. futures trading Thursday. Some risk aversion is back in the marketplace late this week, as the coronavirus outbreak has escalated in China. February gold futures were last up $7.00 an ounce at 1,578.60. March Comex silver prices were last up $0.118 at $17.61 an ounce. New cases of coronavirus increased markedly Thursday in China’s Hubei province. There were over 14,800 new cases were reported Thursday in contrast to around 2,000 new cases reported Wednesday. Reports said there were around 240 new deaths in the region. Chinese health officials also widened their definition used to confirm cases. More than 1,300 people have died from the epidemic and the total number of afflicted in the Hubei province stands at over 48,200. The World Health Organization warned the recent reports about the slowdown in the spread of the virus should be treated with extreme caution.