Page 11 - Crude Oil

Opec+ agrees to delay planned December output increase for one month

The OPEC+ group, combining the Organization of the Petroleum Exporting Countries plus Russia and other allies, was scheduled to raise output by 180,000 barrels per day in December

What is happening to oil prices amidst Israel-Iran conflict?

Oil prices fell over 4% on October 28 after Israel carried out targeted retaliatory strikes on Iran over the weekend. Watch the video to know more.

Oil prices likely to fall after Israel shows restraint in strikes on Iran

Iran on Saturday played down Israel's overnight air attack against Iranian military targets, saying it caused only limited damage

World has enough oil, more supplies coming: Puri hopes prices will cool

Petroleum Minister Hardeep Singh Puri on Tuesday said the world has enough crude oil and more supplies are coming into the market, which he hoped will cool down oil prices. "There is no shortage of oil," he told reporters on the sidelines of an event here. But geopolitical tensions cause prices to rise owing to higher freight and insurance charges incurred in avoiding conflict zones. He hoped better sense will prevail and diplomacy will take precedence. Despite geopolitical tensions, there is no shortage of oil in the world and more supplies from countries such as Brazil and Guyana are coming into the market, he said. There is no anxiety over availability, he said, adding "We are confident of navigating, as we had in the past... any situation arising." India imports more than 85 per cent of its oil needs and any rise in global rates not just impacts import bills but also fuels inflation. "My hope is that oil prices remain stable and come down... that's my personal opinion," he .

Crude oil steadies, but on track for biggest weekly loss in over a month

Brent crude futures gained 23 cents, or 0.3 per cent, to $74.68 a barrel by 0840 GMT, while US West Texas Intermediate crude was at $70.96 a barrel, up 29 cents, or 0.4 per cent

Crude oil prices stay near 2-week low on weak demand growth forecast

Brent futures fell 13 cents, or 0.2%, to $74.12 a barrel by 11:58 a.m. EDT (1558 GMT), while U.S. West Texas Intermediate (WTI) crude fell 24 cents, or 0.3%, to $70.34

Crude oil falls 2% as Opec cuts oil demand growth view, China concerns

China's stimulus plans also failed to inspire investor confidence while markets continued to watch for potential Israeli attacks on Iranian oil infrastructure

Opec again lowers forecast of global oil demand growth in 2024, 2025

Opec in a monthly report said world oil demand will rise by 1.93 million barrels per day (bpd) in 2024, down from growth of 2.03 million bpd it expected last month

India to award leases to top up strategic oil reserves amid Gulf tensions

India must expedite the award because its strategic petroleum reserves, which hold a fraction of the crude storage capacities in Western nations and China, are highly inadequate in an emergency

Crude futures decline 4.5% a barrel on pause in Israel-Iran conflict

Brent crude futures were down $3.70, or 4.57%, to $77.23 a barrel at 11:21 a.m. CDT (1621 GMT). U.S. West Texas Intermediate futures were down $3.57, or 4.63%, at $73.57 a barrel

Crude oil prices extend gains on fears of wider West Asian conflict

The potential escalation of the conflict has countered mounting demand-side pressures, said Priyanka Sachdeva, analyst at Phillip Nova

Energy merchants use little known rule to reroute US cargoes of Brent oil

The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time

Opec+ ministers stick to output policy, doubles down on compliance

OPEC+ is cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand, in a series of steps agreed since late 2022

As Saudi oil supplies rebound, India gets bargaining power in imports

New Delhi will have a variety of supply choices in the next few months at competitive rates from Russia, Iraq, Saudi Arabia

Govt removes windfall tax on crude oil to nil: What does it mean?

The union government has reduced the windfall tax on crude oil to zero. What does that mean? Watch the video to find out.

India gets an 'A' for its focus on solving the malnutrition problem: Bill Gates

Bill Gates, chairman of the Gates Foundation, has stated that India receives an “A” for its focus on solving the malnutrition problem

Petroleum product exports shrink 14% in August as global demand cools

Exports in this category have decreased by nearly 3 per cent to 18.1 mt in the first five months of 2024-25, largely due to sluggish diesel exports

Boost for govt spending on welfare, infrastructure as crude prices plunge

Crude oil futures dipped to the lowest this week in nearly three years, wiping out all the gains made earlier this year after seasonal demand for crude from China did not materialise as expected

Opec vs IEA: Diverging oil demand forecasts signal an uncertain future

The difference between the forecasts of OPEC and IEA, amounting to 0.93 million bpd, underscores the widening divide between these key institutions

India-UAE sign pacts on LNG supply, crude production and nuclear energy

5 MoUs were signed after the meeting of the UAE crown prince with PM Modi in Delhi