Page 13 - Opec

India's oil demand to rise by 7.7% in 2022, fastest growing in world: OPEC

India's demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2023, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe. For 2023, the Organisation of Petroleum Exporting Countries (OPEC) projected a growth of 4.67 per cent in India's demand to 5.38 per cent. This, however, will be lower than 4.86 per cent growth in China. India is the world's third largest oil importing and consuming nation behind the US and China. The demand for petroleum products in India is supported by the healthy economic growth of 7.1 per cent, continuing economic reopening amid ease of COVID restrictions and easing of trade-related bottlenecks supporting both mobility and industria

Oil prices set for weekly climb, uncertain demand outlook cap gains

Brent crude futures were down 9 cents, or 0.1%, to $99.51 a barrel 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 38 cents or 0.4% to $93.96 a barrel.

After a dip, oil prices on track for weekly gain as recession fears ease

Oil prices dipped in early trade on Friday amid uncertainty on demand outlook based on contrasting views from OPEC and IEA, but benchmark contracts headed for weekly gains as recession fears eased.

OPEC further lowers forecasts for global economy and oil demand in 2022

The Organisation of the Petroleum Exporting Countries has further revised down its forecasts for this year's global economic growth and oil demand, following a previous downward revision in May.

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, 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

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.

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

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

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+ 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

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, 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

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.

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

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