Oil Production

Venezuela oil output to more than double in next few years: US energy chief

Venezuelan oil production peaked ​above 3 million barrels per day in the late ​1990s but plummeted after that on a lack of investment, mismanagement and US sanctions

India turns to Venezuela amid West Asia crude oil supply disruptions

India is widening its crude oil sourcing to Latin America as disruptions linked to the Iran conflict and the Strait of Hormuz push the world's third-largest oil consumer to diversify supplies, ship tracking data showed. Indian crude imports from Venezuela have risen sharply in August, making the South American producer the country's fourth-largest supplier, according to ship-tracking data from Kpler. Venezuelan supplies reached about 444,000 barrels per day, ahead of Iraq's 118,000 bpd and the United States' 153,000 bpd, the data showed. Venezuela's position in India's supply mix has risen rapidly since imports resumed in April. Indian refiners increased purchases of Venezuelan, Brazilian and African crude after disruptions to Middle Eastern supplies, while continuing to rely heavily on Russian oil. Russia remains the dominant supplier, with imports close to 2 million bpd in August. Russian crude imports reached around 2.6 million bpd in June-July, accounting for more than half of .

Oil companies' production decline rate superior to global average: Minister

Puri said domestic production of crude oil from offshore and onshore fields stood at 27.96 million tonnes (MT) last financial year (2025-26), against 28.70 MT in 2024-25 and 29.36 MT in 2023-24

OPEC+ approves small September quota hike to complete 2023 cut rollback

OPEC+ approved a 188,000 bpd output hike for September, completing its planned 2023 supply revival while keeping options open after Middle East tensions ease

West Asian oil producers step up plans to bypass Strait of Hormuz

Before the war in Iran, roughly 15 million barrels of Persian Gulf oil were shipped each day through the Strait of Hormuz. Within a few years, much of that oil could bypass the strait. As Iran's chokehold over the strait drags on and oil prices surge, countries across the Gulf are planning to spend billions of dollars to build pipelines enabling them to redirect more supplies to ports along the Red Sea, Suez Canal and Gulf of Oman. At least seven major pipeline projects are under construction, in the planning stage or being discussed as possibilities, according to government officials, oil companies and analysts. Even alternatives to Hormuz can become vulnerable, as Iran-backed Houthi rebels in Yemen have shown this week with a stated blockade on Saudi-linked vessels attempting to transit the Red Sea. But the war has been a wake-up call for Gulf oil producers, who are determined to become less dependent on a transit point that hugs Iran's coast. Some alternative routes will take th

India must use West Asia respite to pursue overdue policy reforms

An end to the West Asia conflict augurs well for India, but it should not lull the government into policy inaction

Back to the cradle of India's oil industry amid Northeast energy push

A tripartite pact - amid the promise of removing Afspa from almost all of the Northeast - revives hydrocarbon exploration along the Assam-Nagaland border after decades of dormancy

Can crude oil prices dip to $70 if US, Iran sign peace deal? Analysts said this

As per Fitch Ratings' estimates, Brent crude oil is likely to average $100-110/bbl in May-July, before falling to $80/bbl in August, and to about $70/bbl from September.

Brent to average $90 if US-Iran pact resolves Hormuz disruption: Analyst

The probability of US-Iran negotiations entering a more substantive phase is rising-every additional week of disruption deepens financial market stress that the White House cannot indefinitely absorb

India, other oil buyers to negotiate transit corridors with Iran: Moody's

India and other oil importing nations are likely to negotiate bilaterally to secure energy supplies, potentially through coordinated transit corridors, but a return to pre-war traffic volumes is unlikely in 2026, Moody's Ratings has said. In a global report on geopolitical risks, Moody's said there is little prospect of a swift and durable settlement between the US and Iran and with it the full reopening of the Strait of Hormuz. Moody's said the transit flows will gradually improve, but through bilateral channels rather than a general reopening. This would allow some incremental improvement in energy transit flows from near-zero now, but the process will be slow, opaque and subject to interruption. "We expect oil importers -- particularly China, India, Japan and Korea -- to negotiate passage bilaterally with Iran, potentially through coordinated transit corridors such as those reportedly emerging near Larak Island and through Omani territorial waters... A return to pre-conflict ...

UAE oil chief says OPEC exit boosts ability to speed up investment

Adnoc touted its plans on Sunday, saying it's planning to accelerate a growth push with 200 billion dirhams ($55 billion) in oil-project awards as part of an already-announced $150 billion program

Domestic production of oil, gas ramped up amid West Asia crisis: RBI Guv

The current crisis in West Asia significantly impacts India, as the region accounts for approximately one-sixth of the country's exports, half of its crude oil imports, and nearly two-fifths of the inward remittances, Reserve Bank of India (RBI) Governor Sanjay Malhotra said. During his address at Princeton University on April 18, 2026, the governor highlighted that the Indian economy has demonstrated resilient growth over the past decade, supported by robust policy frameworks, financial stability, and sound fiscal policies. He noted that, in response to the ongoing crisis, India is increasing its domestic production of oil and gas. "Sources of imports are being diversified. While there is no shortage of oil, given the reserves maintained by us, there is some rationing of gas for industrial purposes," he said. Malhotra emphasised that while oil marketing companies and the government have absorbed some of the price pressures in oil, a portion of the pressures on gas prices has been .

Fuel protests disrupt Ireland as over third of service stations run dry

Protests over the soaring cost of fuel spread disruption across Ireland on Saturday with many gas stations running dry as truck and tractor drivers staged a fifth day of blockades at the country's sole fuel refinery and several depots. Vehicles blocking traffic led to closures of the main highway around the capital, Dublin, as well as six other major roadways. More than a third of the 1,500 service stations in the republic are out of fuel and that number is expected to grow dramatically if the roadblocks remain, Fuels for Ireland chief executive Kevin McPartlan said. Irish police put all its officers on notice they could be called to duty over the weekend and the military was on standby to help remove the vehicles as the government was due to renew talks Saturday to resolve the dispute. Frustration over the soaring cost of fuel led to the protests that began Tuesday and have continued to grow as word spread on social media. Government officials, who had already introduced measures

India set to receive first Iranian oil cargo in 7 years: Report

State-run Indian Oil Corp purchased the cargo, currently on the Curacao-flagged very large crude carrier Jaya, which is heading to India's east coast and is set to arrive later this week

Opec+ agrees to boost oil output by 206,000 bpd when Hormuz reopens

Other group members such as Russia are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine

An oil shock, a green opportunity for India's clean energy transition

A global supply squeeze is nudging India faster towards renewables, even as China stays far ahead

Japanese PM Takaichi orders review of entire supply chain for oil products

Takaichi assigned the task to Trade Minister Ryosei Akazawa on Tuesday morning at a meeting with relevant ministers

StatsGuru: Crude reality of India's import dependence to meet fuel demand

In each of the past 12 years, there has been a drop in domestic crude production

Trump to invoke Cold War era powers for offshore oil producer Sable

The planned order comes as Trump faces heavy political pressure to confront rising fuel prices before the November midterm elections

Saudi Aramco cuts output at two oilfields amid Strait of Hormuz crisis

Several of Saudi Arabia's neighbours have also cut production as shipping in oil transit chokepoint, carrying roughly a fifth of global oil and liquefied natural gas flows, has ground to a near halt