Page 10 - Opec

Oil prices rise as Saudi comments outweigh recession, China Covid concerns

Brent crude rose 37 cents, or 0.4%, to $87.82 by 0915 GMT. U.S. West Texas Intermediate (WTI) crude was up 46 cents, or 0.6%, at $80.50

Oil prices rise after Saudi Arabia denies report of OPEC+ supply increase

Brent crude futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel

Opec cuts oil demand growth forecast again as economic challenges mount

The group, which recently cut production targets, will remain cautious, Saudi Arabia's energy minister was quoted as saying last week

Oil prices drop as coronavirus outbreaks in China dent fuel demand

Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel at 0025 GMT after falling 1.5% in the previous session

Oil prices fall on China Covid-19 curbs and weak factory activity data

Chinese cities are stepping up zero-Covid curbs as outbreaks widen, dampening hopes of a rebound in demand

Opec raises long-term oil demand view, calls for $12.1 trillion investment

"Oil is expected to remain the number one fuel in the global primary energy mix," the report said

OPEC expected to stick to view of long-term global oil demand rise

Another decade or more of oil demand growth would be a boost for producers and OPEC, whose 13 members depend on oil income, and would justify continued investment in new supplies

Better for Indian policymakers to understand what makes oil prices move

India imports more than 85% of its crude, half of its gas, and 60% of the cooking fuel, and any uptick in rates reduces the purchasing power of Indian households, something that is called inflation

Saudi Arabia defends output cut, says OPEC+ doing right job for stable mkt

OPEC kingpin Saudi Arabia on Friday defended the oil cartel and its partner's decision to cut crude oil production, saying they were doing the right job to secure and stabilise the market. OPEC+ alliance "is doing the right job", said Saudi Energy Minister Abdulaziz bin Salman here. The minister is on a day-long visit to prepare the ground for Saudi Prime Minister and Crown Prince Mohammed bin Salman's trip to India next month. OPEC+ earlier this month decided to cut crude oil production quotas by 2 million barrels per day, starting in November. The decisions of OPEC+ are aimed at securing, stabilise and sustaining the markets, he said. Since the OPEC+ decision on October 5, Dated Brent peaked at USD 98.775 per barrel on October 7 and was down to USD 91.35 on Friday. The visiting minister held discussions with top Indian ministers including Commerce and Industry Minister Piyush Goyal, Oil Minister Hardeep Singh Puri and Power Minister RK Singh. The Saudi Minister said bilateral

OPEC+ decision on oil production a mistake, favours Russia, says US

The decision of the Organization of the Petroleum Exporting Countries and its allies to cut oil production is a mistake that has favoured the Russians, the White House has said. The decisions that OPEC+ made last week, we believe, sided with the Russians and were against the interests of the American people and the families around the world, White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday. We believe that the decision is going to hurt and harm lower-income economies. It was misguided and it was a mistake and a short-sighted decision, she said in response to a question. The White House press secretary said President Joe Biden is going to re-evaluate his relationship with Saudi Arabia. This is something that he has talked about since the beginning of this administration. He wants to do it in a bipartisan way, which is the way it has been done for the last eight decades when we talk about our relationship with Saudi Arabia, she ...

Oil prices stable as fears of economic slowdown offset supply woes

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Buckle up, and keep going, says IMF chief as outlook for world economy dims

Here is a rundown of the key takeaways from the annual meeting of the International Monetary Fund hosted IMF Managing Director Kristalina Georgieva

India will do all that is required to ensure energy security: Hardeep Puri

Reacting to the decision of Organization of Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day, Union Minister Hardeep Singh Puri on Friday said India will do all that is required to ensure its energy security and affordability. He said if required, India will go for diversification of energy sources. "This is their (OPEC's) sovereign right what they want to do but equally it is my job to point out that all actions have consequences, intended or unintended. India will be able to navigate through the situation with confidence," the petroleum and natural gas minister said at GEO India 2022 conference here. "We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said. Puri said as per the estimate of the sector, consumption of fuel will increase and 25 per cent of the global demand in next 20 years will be from India. Therefore, he said, the prime minister took the .

OPEC slashes 2022, 2023 oil demand growth view as economy slows

OPEC cuts 2022 demand growth to 2.64 million bpd from 3.1 mn bpd, but still sees demand topping pre-pandemic level in 2023; OPEC September output rises 146,000 bpd, led by Saudi

OPEC's sovereign right to decide on oil production: Hardeep Singh Puri

It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday. Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully. During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market. "India is not a part of OPEC. India is at the receiving end of OPEC decisions..., he said in response to a question. I have always traditionally taken the view, it is their sovereign right to decide what they wish to do, how much oil they want to produce and how much they want to put into the market, Puri said when asked about the decision of OPEC countries to cut oil production. But I always say that all of t

Confident India will navigate through OPEC+ production cut: Hardeep Puri

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said that India will navigate through the OPEC+ decision to cut oil production from November

OPEC+ production cut ahead of winter puts India on a slippery slope

A higher than expected production cut by the group will add to the strain on government finances

Oil prices to top $100 per barrel mark on OPEC+ output cut: Analysts

The OPEC+ on Wednesday announced its decision to cut crude oil output by 2 million barrels per day, the new production cap levels will come into force from November 2022.

Analysts expect fuel prices to go up if global prices rise further

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

Oil extends gains to three-week high as OPEC+ agrees to slash crude output

Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply