Page 6 - Crude Oil Production

OPEC+ raises 2022 oil demand growth forecast as US pushes to hike output

Two OPEC+ sources said the group's experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd.

India's crude oil production continues to fall, dips 3.2% in July

India's crude oil production continued its declining trend, falling by over 3 per cent in July as state-owned ONGC produced less than the target. The country's crude oil production declined by 3.2 per cent in July to 2.5 million tonnes when compared with the previous year, and by 3.37 per cent in April-July to 9.9 million tonnes, according to data released by the Ministry of Petroleum and Natural Gas on Tuesday. Oil and Natural Gas Corporation (ONGC), the nation's largest oil and gas producer, produced 1.6 million tonnes of crude in July. This was 4.2 per cent lower than last year and 3.8 per cent less than the target of 1.7 million tonnes. During April-July, ONGC's oil output fell 4.8 per cent to 6.4 million tonnes. Natural gas production showed a contrasting trend. Helped by KG-D6 fields of Reliance-BP, gas production rose 18.36 per cent year-on-year to 2.9 billion cubic metres and by almost 20 per cent in April-July to 11 bcm. While gas production from ONGC's fields fell over 1

Oil steadies but Delta variant outbreaks cloud demand prospects

Brent crude was up about $1, or 1.4%, just above $70 a barrel by 1125 GMT. US WTI crude oil gained 84 cents, or 1.25%, to $67.43.

Petrol, diesel prices unchanged; here are the prices in your city today

In New Delhi, petrol is selling at Rs 101.84 per litre. In Mumbai, the price stands at Rs 107.83

Oil on the boil

Domestic production of oil and gas has been lagging

OPEC+ delays oil output meeting after UAE reservations, sources say

OPEC+ ministers have agreed to delay their planned ministerial meeting by a day to Friday for further consultations on oil output policy, sources said on Thursday.

Iraq signs deal to drill 96 oil wells in southern province of Basra

Iraq has signed a contract to drill 96 oil wells in the West Qurna-1 oil field located in the southern province of Basra to raise the production, according to a statement by the Ministry of Oil

OPEC wins, the West loses

Judges, investors force oil firms towards low-carbon future

Indian refiners process less crude in April as pandemic stalls activity

Refiners processed about 4.9 million barrels per day (bpd) or 19.89 million tonnes of oil last month, government data showed

Crude oil refinery output falls 11% in FY21 on Covid-led demand destruction

Crude oil and natural gas production also declines

India's crude oil output drops 5%, gas production falls 8%: Govt data

Private and public sector firms produced less

Oil price rebounds on robust economic data from US, China, bargain hunting

Oil prices rose supported by strong economic data from China and the US, recouping some of the losses from the previous session due to rising OPEC+ supply and infections in India and parts of Europe

OPEC and allies agree to gradually boost crude oil output from May to July

The OPEC oil cartel and allied countries said that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July

Will wrap up expansion this month: Cairn Oil & Gas Deputy CEO Prachur Sah

Currently, Cairn Oil & Gas is driving production from the Rajasthan asset and the offshore asset

Oil mixed, US crude hits highest since 2019 as refineries restart

Brent futures for April delivery fell 16 cents, or 0.2%, to settle at $66.88 a barrel. The April Brent contract expires on Friday

Oiling the recovery

Private players struggle against excessive regulation. The result is loss of investment and employment opportunities in India

Oil prices move up towards $50/bbl after OPEC+ supply compromise

OPEC+ had been expected to continue existing cuts until at least March, after backing down from plans to raise output by 2 million bpd.

OPEC+ agrees to raise oil output by 500,000 bpd from January: Report

OPEC+ sources have said Russia, Iraq, Nigeria and the United Arab Emirates have all to a certain extent expressed interest in supplying the market with more oil in 2021

Core sector shrinks eighth month in row, sharper sequentially in October

Contraction due to decline in production of crude oil, natural gas, refinery products and steel

BP says era of oil-demand growth over, may not return to pre-Covid levels

The UK giant is describing a different future, where oil's supremacy is challenged, and ultimately fades