OPEC+, according to a Rabobank International note, will respond to lower prices through supply cuts or through the refined products market
Key alliance members said they expect to approve adding about 137,000 barrels during a video call on Sunday, as the group led by Saudi Arabia and Russia begins unwinding next layer of halted supplies
In a monthly report, OPEC said it expects 2024 global oil demand to rise by 1.61 million barrels per day (bpd), down from 1.82 million bpd last month
The oil producer group on Thursday pushed back the start of oil output rises by three months until April 2025
Brent crude futures rose 39 cents, or 0.5 per cent, to $72.70 a barrel by 0944 GMT, while US crude futures were at $68.97 a barrel, up 43 cents, or 0.6 per cent
After witnessing sustained moderation, cost push pressures faced by firms, the RBI said, are showing upward bias
Brent crude edged higher toward $78 a barrel Friday, but is set to close 2023 about $8 below where it started the year
Sustained higher crude oil prices and gas realisations can result in better profitability for upstream oil and gas companies, analysts said
Recently, IOC signed a deal to procure oil from Colombia's Ecopetrol SA and Brazil's Petroleo Brasileiro SA (Petrobras)
U.S. crude futures rose 46 cents, or 0.6%, to $84.09 a barrel, having gained more than 5% in the previous session.
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OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India
Oil fell after a two-day rally as concern returned about weaker demand and the prospect of more interest rate hikes, trumping support from OPEC+'s first output target cut since 2020
The group will reduce production by 100,000 barrels a day next month, taking supplies back to August levels, it said in a statement
Underlining tight supply, the latest U.S. inventories weekly reports are expected to show crude stocks declining 900,000 barrels last week
The broader indices, however, outperformed the key benchmark indices. The BSE Midcap index ended flat, while Smallcap index was up 0.3 per cent
NEW YORK (Reuters) -Oil prices tumbled about 4% on Monday as weak economic data from China and the United States, the world's top oil consumers, and higher crude output from OPEC producers stoked fears of weakness in oil demand and oversupply.
Saudi Arabia plans to cut output by an extra 1 million barrels per day (bpd) in February and March to keep inventories in check
OPEC+ had been expected to continue existing cuts until at least March, after backing down from plans to raise output by 2 million bpd.
Brent crude futures rose 9 cents to settle at $45.46 a barrel. US West Texas Intermediate (WTI) crude futures ended unchanged at $42.89 a barrel