Page 2 - Oil Production

Crude oil outlook: Supply glut, macro headwinds to cap rally; target & more

Crude oil prices continue to trade within a broader range of $5-$7, reflecting the persistent tug-of-war between supply excess and geopolitical flare-ups

Opec to boost output for market share; Brent may fall below $65 a bbl

OPEC+ will increase output by 137,000 bpd from October to regain market share, a move analysts say could push Brent crude below $65 and even $55 a barrel by year-end

Crude oil: Bearish long-term outlook, WTI to hit $60 by Q4CY25, say analyst

Since the conclusion of the Iran-Israel conflict, oil prices have retreated and stabilised within a broader trading range of around $6 per barrel

Saudi Arabia rapidly losing appetite for oil amid renewables push

Saudi Arabia, the world's biggest net exporter of crude, is using renewables to drastically reduce its petroleum consumption

Crude Oil: Here's your trading strategy for August 12; key levels inside

Geopolitical developments are a primary driver of market uncertainty. The Trump-Putin talks could either ease concerns over US sanctions on Russian oil or escalate tensions if negotiations falter.

Opec+ countries to boost oil production by 547,000 barrels per day

A group of countries that are part of the OPEC+ alliance of oil-exporting countries has agreed to boost oil production, a move some believe could lower oil and gasoline prices, citing a steady global economic outlook and low oil inventories. The group met virtually on Sunday and announced that eight of its member countries would increase oil production by 547,000 barrels per day in September. The countries boosting output, including Saudi Arabia, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, had been participating in voluntary production cuts, initially made in November 2023, which were scheduled to be phased out by September 2026. The announcement means the voluntary production cuts will end ahead of schedule. The move follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August. OPEC said the production adjustments may be paused or reversed as market conditions evolve. When production increases, oil and gasoline prices ma

OPEC+ may boost oil production faster than expected, weighs August hike

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

Oil refiners' May crude processing edges up 0.4% from a year earlier

India's fuel demand in May rose to its highest in more than a year, while crude oil imports reached a record high of 23.32 million metric tonnes

Oil prices inch up as US bans Chevron from exporting Venezuelan crude

The Trump administration has issued a new authorisation for US major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities

ONGC makes promising oil, gas discoveries in Mumbai offshore basin

State-owned Oil and Natural Gas Corporation (ONGC) has made promising offshore oil and gas discoveries in the Mumbai Offshore basin that could help augment production in the near future. The discoveries have been made in blocks awarded under the Open Acreage Licensing Policy (OALP) regime, the state-owned firm said in its fourth-quarter earnings statement. The discoveries, which have been named Suryamani and Vajramani, were made in OALP-VI block MB-OSHP-2020/2 and OALP-III block MB-OSHP- 2018/1, both in the offshore Mumbai basin. Exploratory well MBS202HAA-1 on Block MB-OSHP-2020/2 flowed 2,235 barrels per day of oil and 45,181 million cubic metres a day of gas during testing done in the January-March quarter. "This is the first discovery in Basal Clastics in OALP Block MB-OSHP-2020/2. The success in well MBS202HAA-1 was notified as New Prospect Discovery and rechristened as 'Suryamani'," ONGC said. Subsequently, during the current quarter, a second zone was tested on the same wel

Opec+ agrees to accelerate oil output hike for June despite weak demand

Oil prices fell to a four-year low in April below $60 per barrel after Opec+announced a bigger-than-expected production boost for May

BPCL Q4 results: Consolidated net profit down 8.3% to ₹4,392 crore

Gross refining margins in FY25 were $6.82 per barrel, less than half of FY24's $14.14 per barrel

Crude oil to remain range-bound at $65-$58, may gain from China's support

Crude prices have had the most volatile week in four years as the prices tumbled over 20 per cent in 4 trading sessions amidst the trade war turmoil

Oil gains on supply concerns from Iran sanctions, strong refining margins

Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, pumping 3.2 million barrels per day in January, according to a Reuters survey of OPEC output

China's oil demand fading faster than expected, posing risks for producers

Combine domestic refinery processing with net exports of gasoline, diesel and the like, and the consumption of petroleum is about 300,000 daily barrels lower than in 2023

India's fraying Gulf oil ties get a fillip on US' sanctions on Russia

State-run refiners plan to renew or enhance optional volumes under existing contracts, struck on a fiscal basis, despite higher sourcing costs

ONGC joins hands with BP to boost oil and gas production in largest field

The field reached a peak production level of 471,000 barrels per day of oil in March 1985, and its output had declined to about 134,000 bpd in April 2024, according to the tender document floated

Oil dips on demand concerns, focus on US Fed interest rate decision

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

Extension of production cuts by Opec+ won't impact India: Govt officials

Earliest reversal of production cuts pushed back to March 2025 on Thursday

Global oil market to calm on more oil production in West, says Puri

India, the world's third largest oil consuming and importing nation, is hoping that more oil production coming from the western countries like the US and Canada will calm the markets and bring stability in prices, Petroleum Minister Hardeep Singh Puri said Thursday. Speaking at CII's 12th PSE Summit here, Puri said countries in the western hemisphere are adding more production which may influence oil producers cartel OPEC to also raise output to earn more while the era of fossil fuel lasts. Volatile oil prices upset economies reliant on imports for meeting their needs as they not just have to spend extra on buying the fuel but also import inflation that impacts purchasing powers of their people. "Today more production is coming on the global market from the Western Hemisphere. Brazil, Guyana, Canada and the US are adding more production... with more and more oil coming, one expects as a result that the market situation will calm," he said. This would also at some stage lead to ...