Opec Oil Deal

Oil prices face bearish pressure from potential Russian supply disruptions

Mohammed Imran, research analyst at Mirae Asset Sharekhan believes that global market will remain in surplus of 0.5-0.7mbpd in 2026

OPEC+ set to agree on another modest increase in crude oil output targets

OPEC+ has raised output targets by more than 2.7 million barrels per day - about 2.5% of global supply - since April but slowed the pace in October and November from larger increases amid predictions

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

Opec+ to gather for quota review before key decision on July output

The more market-sensitive discussion on whether to continue their 411,000 barrel-a-day hikes, which have sent prices crashing over the past two months, will be finalised in a video conference

Oil prices set for weekly gain but supply hike concerns weigh on prices

Both contracts fell more than 2 per cent in the previous session on the prospect of an Iranian nuclear deal, which could result in more barrels being released onto the global market

Russian oil drives Opec share in India's imports to record low, data shows

Import of Russian oil rose 7.3 per cent to 1.76 million bpd, raising its share marginally to 36 per cent while OPEC's share slipped slightly to 48.5 per cent, the data showed

Opec+ issues new plan for oil cuts to compensate for overproduction

The plan will represent monthly cuts of between 189,000 barrels per day and 435,000 bpd, according to a table on OPEC's web site. The scheduled cuts last until June 2026

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

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

Crude oil strategy for June 11: Trend remains weak, WTI eyes support at $76

Oil prices are moving higher after posting three straight weekly declines following Opec+ decision on June 2

OPEC meeting to shape India's Russian oil purchases as May levels stay high

Bloc members led by Saudi Arabia and Russia are holding a ministerial meeting on June 2 to decide the fate of global oil production

Opec+ production cuts deepen with extensions from Saudi, other oil giants

Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter. The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom's crude production will stand at about 9 million barrels a day through the end of June. Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter across a blend of production and exports. Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC's secretariat, in smaller amounts. The OPEC+ countries ...

Opec+ ministers meet to discuss additional oil output cuts for next year

The size of potential additional cuts have not been decided yet, but two delegates said they ranged from 1 million to 2 million barrels per day (bpd) for the first quarter of 2024

Opec+ ambitions for India oil market clash with clean energy goals

India's dependence on imported oil has only grown in the past decade to over 85 per cent of its needs

Biggest-ever round of oil and gas blocks may be open for bidding in Nov

The 26 blocks earmarked by the Directorate General of Hydrocarbons (DGH) for exploration and development of oil and gas under OALP IX, constitutes the largest-ever area offered by the government

Opec+ output cuts may add to surging oil prices, IEA sees record high rates

Brent crude futures were up 22 cents, or 0.26%, to $86.31 per barrel at 1046 GMT. West Texas Intermediate crude futures (WTI) rose 21 cents, or 0.26%, to $82.37

Oil prices recoup losses after OPEC upgrades China demand outlook

The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs

Oil prices climb as dollar slumps, OPEC+ keeps output cut policy

Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision

With oil market in limbo, here's how analysts see things playing out

If there's no increase in production, then oil at $85 to $90 a barrel is on the cards, Fereidun Fesharaki, chairman of industry consultant FGE, said in a Bloomberg TV interview

What does OPEC's impasse mean for countries like India? Explained

As several key Indian states witness record petrol and diesel prices, OPEC’s failure to fix a target for oil production output could hit countries like India even more. Watch this video to understand implications for the Indian economy from Vandana Hari, Founder & CEO of Vanda Insights, a Singapore-based provider of oil markets macro-analysis.

India again urges OPEC to phase out oil output cuts

India, the world's third-biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs.