Page 12 - Opec
Opec cuts oil demand forecasts as economic growth slows, says report
The Vienna-based producers' group cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day, citing the impact of slowing global economies
 "Opec cuts oil demand forecasts as economic growth slows, says report")
OPEC, unlike IEA, sees lower 2022 oil demand growth, sticks to 2023 view
In a monthly report on Thursday, OPEC said it expects oil demand to rise by 3.1 million bpd, or 3.2%, in 2022, down 260,000 bpd from the previous forecast
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Oil prices rise from multi-month lows on supply shortage concerns
Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.
 "Oil prices rise from multi-month lows on supply shortage concerns")
Russia undercuts Saudi Arabian oil in India as competition heats up
Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May
 "Russia undercuts Saudi Arabian oil in India as competition heats up")
Where are Brent crude prices headed?
Prices of Brent crude oil are coming down. On Wednesday, OPEC+ decided to hike output by 100,000 barrels per day. Are they headed lower in the days to come? Let us find out
 "Where are Brent crude prices headed?")
After talks with Joe Biden, Opec+ goes for 'minuscule' output hike
The cartel will add only 100,000 barrels a day of oil in September, giving a tight market extra supplies at a much slower pace than in recent months despite pressure from the White House
OPEC+ boosts September oil output by slower pace than previous months
The OPEC+ coalition said it will increase output to 100,000 barrels a day next month after raising it by by 648,000 barrels per day in July and August.
 "OPEC+ boosts September oil output by slower pace than previous months")
OPEC+ to decide September oil output for world amid high inflation
They also will be considering what effects staggering inflation and rising COVID-19 rates may have on global demand for fuel in the fall, with gasoline prices at the pump still high.
Windfall tax: Frequent changes create uncertainty for Indian oil producers
Experts say move is justified but government should clarify how proceeds will be utilised
 "Windfall tax: Frequent changes create uncertainty for Indian oil producers")
Oil prices slip as global demand concerns weigh, OPEC+ meeting eyed
Surveys showed on Monday that factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China's strict COVID-19 restrictions slowed production.
Saudi to push OPEC+ to increase oil production at upcoming meeting: Report
Saudi King Salman bin Abdulaziz assured US President Joe Biden of the production increase when they met on July 16
Oil prices drop by 63 cents to $103.34 ahead of OPEC+ meeting on Aug 3
Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments
 "Oil prices drop by 63 cents to $103.34 ahead of OPEC+ meeting on Aug 3")
Oil, geopolitics, and climate change
Crude oil still commands its place in the fuel market, but investments in oil exploration have gone down as concerns about climate change grow
 "Oil, geopolitics, and climate change")
Crude oil prices up 2.5% as no immediate Saudi output boost expected
The comment during U.S. President Joe Biden's Middle East visit comes at a time when spare capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low.
 "Crude oil prices up 2.5% as no immediate Saudi output boost expected")
Centre committed to meeting FY23 fiscal deficit target: Official
Says macroeconomic fundamentals and forex reserves are robust enough to deal with current geo-political challenges
 "Centre committed to meeting FY23 fiscal deficit target: Official")
India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy
The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue
 "India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy")
Russia may be India's biggest crude supplier in June, a historic first
Russian oil is on pace to account for 21 per cent of all imports into India, shrinking the shares of Iraqi and US crude
 "Russia may be India's biggest crude supplier in June, a historic first")
OPEC+ alliance may not be much help with high oil, gasoline prices
The 23-member OPEC+ alliance, which includes Russia, is struggling to produce enough oil to keep up with the rebounding demand for fuel since the Covid-19 pandemic
Opec+ struggles to meet its supply targets amid high crude prices
A recovery from Covid-19 and a shortage of refining capacity to make fuels continue to keep prices at record highs
UAE, Saudi can barely raise oil output, Macron tells Biden at G7 summit
Brent oil prices jumped by over $2 per barrel to above $115 per barrel on the news amid tight global supplies and rising demand
 "UAE, Saudi can barely raise oil output, Macron tells Biden at G7 summit")