Page 4 - Opec Oil
OPEC+ heads for clash with US, deep supply cuts to boost sagging prices
The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising US rates and a stronger USD
 "OPEC+ heads for clash with US, deep supply cuts to boost sagging prices")
Oil prices surge to more than $1/barrel ahead of OPEC+ supply cut prospect
Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day
 "Oil prices surge to more than $1/barrel ahead of OPEC+ supply cut prospect")
Crude oil prices edge higher on prospect of supply cut by OPEC-plus
Oil edged higher on Monday to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth
 "Crude oil prices edge higher on prospect of supply cut by OPEC-plus")
In a first, India buys discounted Venezuelan petcoke to replace coal
Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports
 "In a first, India buys discounted Venezuelan petcoke to replace coal")
IEA says oil market walking tightrope due to economic, supply risks
The estimate fell far short of producer group OPEC's estimate for the year of 3.4 million bpd growth on Tuesday
 "IEA says oil market walking tightrope due to economic, supply risks")
Oil prices climb more than 1% to 7-year highs on supply disruption fears
Brent crude futures was at $95.65 a barrel by 0742 GMT, up $1.21, or 1.3%, after earlier hitting a peak of $96.16, the highest since October 2014
 "Oil prices climb more than 1% to 7-year highs on supply disruption fears")
Opec weighs policy shift after US-led crude release pledge
Saudi Arabia, Russia consider pausing planned output hikes
 "Opec weighs policy shift after US-led crude release pledge")
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.
 "What does OPEC's impasse mean for countries like India? Explained")
OPEC+ seeks oil policy consensus as United Arab Emirates demands changes
The UAE on Thursday effectively blocked a deal agreed by top producers Saudi Arabia and Russia to ease oil cuts by 2 million barrels per day (bpd) by the end of 2021
 "OPEC+ seeks oil policy consensus as United Arab Emirates demands changes")
Oil highest since 2018 with Iran deal elusive and OPEC talks due
WTI futures rise as much as 3.2%, Brent earlier topped $70
 "Oil highest since 2018 with Iran deal elusive and OPEC talks due")
India to buy oil from cheapest supplier on favourable terms, says Pradhan
UAE, Kuwait and Nigeria -- some of the biggest suppliers of oil to India -- are all OPEC members
 "India to buy oil from cheapest supplier on favourable terms, says Pradhan")
India calls Saudi Arabia's advice on tapping stored oil 'undiplomatic'
India, the world's third-biggest oil importer and consumer, has asked refiners to speed up diversification and cut reliance on Middle Eastern oil
 "India calls Saudi Arabia's advice on tapping stored oil 'undiplomatic'")
Amid high oil prices, Saudi asks India to use cheap oil it bought last year
International oil prices rose after OPEC and its allies ignored India's plea to ease production control
 "Amid high oil prices, Saudi asks India to use cheap oil it bought last year")
Oil extends gains on prospect of OPEC+ sticking with supply cuts
The market had been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April
 "Oil extends gains on prospect of OPEC+ sticking with supply cuts")
Why costly diesel burns a bigger hole in your pocket than petrol
While consumers feel the petrol pinch directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use
 "Why costly diesel burns a bigger hole in your pocket than petrol")
Fully committed to OPEC+ oil cuts, not seeking any exemptions, says Iraq
Earlier on Wednesday, Oil Minister Ihsan Abdul Jabbar was quoted as saying that he has spoken about the exemption to key OPEC oil ministers in three separate meetings
End game for oil? OPEC prepares for an age of dwindling demand
OPEC faces a dramatic adjustment if consumption starts a permanent decline
 "End game for oil? OPEC prepares for an age of dwindling demand")
Oil slides below $41 a barrel as US inventory rise revives glut worries
Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a report from the USEnergy Information Administration.
 "Oil slides below $41 a barrel as US inventory rise revives glut worries")
Brent is likely to find support in June in the range of $35-40/barrel
The speed at which the oil market rebounded to $40 per barrel has certainly grabbed attention, but it needs to walk before it can run
 "Brent is likely to find support in June in the range of $35-40/barrel")
Amid falling global prices, US and Mexico agree to cut crude oil output
The OPEC nations have agreed to "a different limit reduction of about 23 per cent", said US President Donald Trump
 "Amid falling global prices, US and Mexico agree to cut crude oil output")