Crude Oil Production

ONGC now expects peak gas production of 10 mmscmd from KG-98/2 by mid-2026, even as crude output declines to 28,000 bpd, prompting well interventions and BP-led technical support

Crude oil Outlook: WTI to trade $57-$62/bbl near-term, with upside to $65+ on Russian disruptions. Bearish base case holds unless geopolitics escalate.

Since April, OPEC and its partners have pivoted from years of output restraint to reopening the taps, surprising crude traders and raising questions about the group's long-term strategy

The fears centre around the possibility of supply routes being interdicted and hence, supply being disrupted, rather than Iranian oil being taken off the market

A potential shutdown of the Strait of Hormuz amid rising Gulf tensions could trigger a sharp but brief surge in crude prices, according to Citigroup analysts tracking energy markets

Oil markets may face an oversupply in the second half of 2025, alongside potentially weakened demand due to Trump's inclination towards universal tariffs

US West Texas Intermediate crude futures for March rose 75 cents, or 1 per cent, to $72.60, up 2.6 per cent from the previous close before Monday's US public holiday

Brent futures were down 77 cents or 1 per cent at $76.23 a barrel by 1230 GMT, while US West Texas Intermediate (WTI) crude dropped 88 cents or 1.20 per cent to $72.44 a barrel

On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl

Brent crude futures eased 32 cents to $73.59 a barrel at 0949 GMT, while US West Texas Intermediate crude was down 44 cents at $70.27 a barrel

Opec+, which pumps about half the world's oil, had been planning to start unwinding cuts from Oct 2024 but a slowdown in global demand and rising output outside the group forced it to postpone plans

He added that low crude oil prices would be a very important ingredient for India's growth prospects

South American nation has become a significant contributor to world crude supply

Brent crude oil prices saw a considerable decline from the beginning of Samvat 2080 (November 12) until October 28, dropping by 12.33 per cent from $82.52 to $72.34 per barre

Crude oil prices have been steadier on Thursday around $70.50/b in Asian hours, ahead of the weekly EIA inventory release from the US.

Oil prices showed marginal recovery on Monday to settle a per cent up at $68.71, following its worst weekly fall since October 2023 as WTI fell 8 per cent and Brent was down 10 per cent.

State-owned Oil and Natural Gas Corporation (ONGC) on Sunday said it has opened another well on its flagship deep-sea project in Krishna Godavari basin in Bay of Bengal, which will help augment production of crude oil and natural gas. In January this year, ONGC had started producing oil, which is converted into fuels like petrol and diesel in refineries, from the KG-DWN-98/2 or KG-D5 block. "On August 24, 2024, ONGC marked a significant milestone by starting production from its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset," the firm said in a stock exchange filing on Sunday. "Leveraging the floating production, storage, and offloading (FPSO) vessel, ONGC has begun transporting and sale of associated gas, all the while underscoring its commitment to achieving zero gas flaring." It, however, did not state how much the new well was producing. With this, ONGC also successfully commissioned its gas export line from the offshore-to-onshore terminal. "Earlier in January, oil

Oil majors are also under pressure from institutional investors to cut emissions

Oil prices were flat for the day. Brent futures held at $85.95 a barrel while US crude was little changed at$81.60 a barrel

The tax, which is revised every fortnight, remained unchanged at zero for diesel and aviation turbine fuel