China increases coal production & imports
China’s raw coal production increased by 0.9 percent year on year in 2020, while its coal imports augmented 1.5 percent, statistics from the National Bureau of Statistics (NBS) revealed.
A total of 3.84 billion tons of raw coal were manufactured in China last year, reporting a year-on-year expansion of 90 million tons, according to the NBS statistics.
In December alone, the raw coal production increased 3.2 percent from a year ago to 350 million tons, 1.7 percentage points higher than the upsurge seen in November.
4) Meanwhile, India to cut taxes to boost domestic fracking and oil drilling
Economic Times of India, 27 January 2021
Cess on domestic crude is currently levied at the rate of 20 per cent of the value of oil. Official sources said the proposal by the Union Oil Ministry is to reduce it to 10 per cent
New Delhi: The government may give a ‘Make in India’ push to oil and gas explorers, as it is considering a proposal to almost halve cess on domestic crude oil to encourage exploration activity and allow Covid-hit oil producers to protect their margins.The glut in the oil market and deep suppression of demand during the peak of pandemic in 2020 had pushed down crude oil prices to unprecedented levels.
Though crude prices have recovered over the vaccination drive against Covid and a pick in demand coupled with unilateral production cut announced by Saudi Arabia, cess puts domestic crude at a disadvantage against imported oil.
Cess on domestic crude is currently levied at the rate of 20 per cent of the value of oil. Official sources said the proposal by the Union Oil Ministry is to reduce it to 10 per cent. If this is accepted by the Finance Ministry, the changes may be announced as part of Budget 2021-22 proposals, sources said….
The government is looking to reduce the tax burden on oil companies to push up domestic production that has stagnated for past several years at around 30-35 million tonne.
via climate science
January 31, 2021 at 01:30AM