Tag: OPEC

Petroleum Minister Hardeep Singh Puri calls OPEC kingpin Saudi Arabia to convey concerns over high oil prices

Continuing his oil diplomacy, Petroleum Minister ‎Hardeep Singh Puri on Thursday called OPEC kingpin Saudi Arabia to convey India’s concerns about high oil prices which...

OPEC Reaches Compromise With U.A.E. Over Oil Production

OPEC reached a compromise with the United Arab Emirates, agreeing to lift the amount of oil the cartel member can eventually pump as part of...

U.A.E. Pushes to Produce More Crude, Creating OPEC Deadlock

Behind the standoff inside OPEC over whether to boost oil production is a key cartel member with a new strategy: sell as much crude as...

Oil row flares as UAE rejects ‘unjust’ OPEC+ output deal

The United Arab Emirates on Sunday criticised the current oil output deal among OPEC+ alliance members as unjust, escalating a row that could derail the...

India’s fuel demand slips to nine-month low in May

India’s fuel demand in May slumped to its lowest in nine months as restrictions to curb the second wave of COVID infections stalled mobility and...

G7 scolds China and Russia over threats, bullying, rights abuses

The Group of Seven scolded both China and Russia on Wednesday, casting the Kremlin as malicious and Beijing as a bully, but beyond words there...

OPEC raises 2021 oil demand growth forecast on hope pandemic wanes

LONDON: OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the...

OPEC+ approves oil output increases from May

OPEC+ agreed on Thursday to gradually ease its oil output cuts from May, after the new U.S. administration called on Saudi Arabia to keep energy...

After Rajasthan, petrol crosses Rs 100-mark in Madhya Pradesh

New Delhi: After Rajasthan, petrol price on Thursday crossed the Rs 100 per litre mark in Madhya Pradesh after fuel rates were increased for the...

Saudi Arabia’s Oil minister confident of ‘good relationship’ with US President-elect Joe Biden

Riyadh: Saudi Arabia‘s oil minister on Wednesday struck a conciliatory tone toward US President-elect Joe Biden, saying energy cooperation could be a launch pad for...

[email protected]: Once an American foe, now a friend

LONDON: In 1973, Arab members of the Organization of Petroleum Exporting Countries brought the US economy to its knees. Now, the cartel created 60 years...

Oil prices outlook: Is the next big fall in oil coming soon?

By Prathamesh Mallya In the past three months (June to August), crude oil prices consolidated with the brent trading in the price range of $37...

Opec cuts output to lowest since 1991 as virus slams oil demand

By Grant Smith and Julian Lee Opec slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to...

Low crude prices: Low crude oil prices helped India save Rs 25,000 crore: Dharmendra Pradhan

If I compare between May 2019 and May 2020, around 65% of the demand has resumed, says Petroleum & Steel Minister. A lot of us...

Covid economic challenges: We’ll be grappling with economic fallout of virus crisis for several quarters: EM expert

World will not see a V-shaped or a U-shaped recovery but a square root-shaped one, says Arnab Das, Global Market Strategist in the EMEA region...

raghuram rajan: Spend where you need to, spend what it takes: Raghuram Rajan

Low oil prices are normally very good news for India given our huge dependence on imported oil but low oil prices if they are a...

crude oil price: Whether Opec+ formally agrees, deeper crude oil cuts now look inevitable

LONDON: Whether or not Opec+ oil producers formally agree to extra oil output curbs, rapidly filling storage capacity and plummeting demand due to the coronavirus...

Real oil market is sinking and Opec+ deal can’t rescue it

By Alex Longley and Andy Hoffman The physical oil market, where millions of barrels of real cargoes are traded each day, needed Opec+’s historic cuts...

OPEC, Russia approve biggest-ever oil cut to support prices amid coronavirus pandemic

BAKU/DUBAI/LONDON (Reuters) – OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the...

oil output cut deal: Crude oil outlook bleak despite record production cut by Opec++

Crude oil prices were highly volatile last week in anticipation of an Opec+ deal. On Sunday night the oil producers’ group agreed to a plan...

Crude Oil Prices: Oil price war ends with historic Opec+ deal to cut production

By Javier Blas, Salma El Wardany and Grant Smith The world’s top oil producers pulled off a historic deal to cut global petroleum output by...

oil deal: Oil price & Opec++: Why grand output cut deal won’t last long

By Julian Lee After two days of high drama, low farce and long periods of tedium, the OPEC+ group of countries, led by Saudi Arabia...

OPEC, Russia meet again to approve biggest ever oil cut

BAKU/DUBAI/LONDON (Reuters) – OPEC, Russia and other oil producing nations were meeting on Sunday in a bid to clinch a deal on the biggest oil...

U.S. senators press Saudi officials to put oil cut in motion

WASHINGTON (Reuters) – Republican U.S. senators from oil states who recently introduced legislation to remove American troops from Saudi Arabia said on Saturday they had...

Global oil output cuts held hostage to standoff

DUBAI/MOSCOW (Reuters) – Oil producers in the OPEC+ group, led by Saudi Arabia and Russia, were expected to pressure Mexico on Friday to seal an...