Page 5 - Crude Oil Production

Indian oil firms to compensate ethanol makers for energy costs: Report

Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production, according to a letter.

ONGC sees crude oil production rising 11%, gas output jumping 25% by FY25

Reversing the declining trend of the past few years, ONGC said its crude oil production will rise 11 per cent and natural gas output will jump 25%

India's domestic crude oil production slips to 28-year low in FY22

Production declined every month for last 4-and-a-half years in core sector index; old fields among likely reasons

India's crude oil production falls 1% in April on account of lower output

India's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.

Iraq exports over 100 million barrels of crude oil in April: Oil ministry

The average selling price for crude oil in April was 104.09 dollars per barrel, according to a ministry statement, citing statistics from the State Organization for Marketing of Oil

Centre has room to isolate consumers from 15% hike in crude prices: MOFSl

According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets

Saudi Arabia may raise April crude prices to Asia to all-time highs

The sharp price hikes are tracking strong gains in Middle East benchmark Dubai last month which reached record levels as buyers faced limited options amid tight supplies

Oil markets hit multiple milestones after sanctions on Russia

Brent crude topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries plan to release a record 60 mn barrels of petroleum reserves to cool prices

Reliance delays 21-day crude unit shutdown to September: Report

The refiner had earlier planned to shut a crude unit at its 704,000 barrels per day (bpd) refinery for about three weeks in March, sources said. The refinery has two equal size crude units

ONGC seeks peak oil and natural gas output from KG block in FY24

With KG-D5 going live, oil production is estimated to rise to 24 million tonnes in 2023-24 and gas to rise to 32.16 bcm, said Anurag Sharma, director (onshore) and interim director (finance) of ONGC

Oil falls on profit-taking as Brent surges $90 barrel on US rate hike buzz

Futures pulled back amid a broader decline in financial markets triggered by the March interest rate increase telegraphed by the Fed and a surge in the U.S. dollar

India's oil production continues to slip, ONGC output down 2% in Dec

India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in December 2021

Venezuela surpasses 1 million barrels of crude produced per day

State-owned oil company Petroleos de Venezuela exceeded one million barrels of crude produced per day at the end of 2021, double what it recorded a year ago, the country's Oil Minister announced

Oil approaches $84 as lifting of US travel ban boosts demand

LONDON (Reuters) -Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.

Major oil producer Saudi Arabia announces net-zero emissions by 2060

The announcement was made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start of the kingdom's first-ever Saudi Green Initiative Forum

Saudis triumph in oil market with comeback from Covid-19 crisis

Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month

OPEC+ considers options for releasing more oil to the market: Sources

The nearest month any increase could occur is November since OPEC+'s last meeting decided the October volumes

Indian refiners' August crude processing lowest in 10 months

Refiners processed 4.36 million barrels per day (18.44 million tonnes) of crude oil last month, the lowest since October 2020 and about 4.8% lower than 4.58 million bpd processed in July.

Oil prices down on stronger greenback, rising US rig count

Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose

Oil slips to $75 as threat to US Gulf production from storm wanes

Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to US Gulf production from Hurricane Nicholas receded