Page 15 - Opec

India supports release of oil from reserves to cool prices: Minister

Oil prices plunged on Thursday on news that the United States was considering releasing up to 180 million barrels from its strategic petroleum reserve (SPR)

OPEC+ ditches IEA data for assessing compliance amid a deepening rift

The Organisation of Petroleum Exporting Countries, and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas

OPEC sticks to modest boost in oil despite war jitters

OPEC and allied oil producers including Russia decided to stick to a modest increase in the amount of crude, a step that supports higher prices

OPEC likely to stick to modest oil boost despite war jitters

Analysts expect the group, known as OPEC+, to stay on its schedule of gradual increases to restore production cuts made during the depths of the coronavirus pandemic in 2020

Oil prices rise on tight supplies, stable demand

United Arab Emirates energy minister Suhail al-Mazrouei said on Tuesday that the mission of OPEC+ was to stabilise markets and come up with as much supply as possible

Emerging macro instability

Global economy is reeling from new supply shocks

India's oil imports surge as refiners boost runs to meet demand

Indian refiners typically buy oil two months ahead of processing. Refiners are raising runs to cash in on high margins to offset some of the losses incurred for selling fuels in the local markets.

India's oil demand likely to jump 8% to 5.15 mn barrels per day in 2022

India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth

Oil prices slide by about $4 per barrel, extending last week's decline

Oil prices extended last week's decline to fall by about $4 a barrel during early trade on Monday after a US official said Russia was showing signs of willingess to have negotiations over Ukraine

Oil rises but set for weekly loss as traders assess supply disruptions

US President Joe Biden said the G7 industrialized nations will revoke Russia's 'most favored nation' trade status, and announced a US ban on Russian seafood, alcohol and diamonds

Oil edges back up despite Putin's pledge to honour supply commitments

Since Russia's February 24 invasion of Ukraine, oil markets have been the most volatile in two years, with global benchmark Brent crude recording its biggest decline since April, 2020

Oil jittery as market weighs OPEC filling Russia supply gap

Uncertainty over where and when supply will come from to replace crude from the world's second-largest exporter Russia in a tight market has led to wide-ranging forecasts for oil prices

Oil prices rises as market weighs OPEC filling Russia supply gap

Oil prices rose on Thursday following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia

Global oil prices fall most in 2 years as UAE supports output hike

Global oil prices fell on Wednesday by the most in nearly 2 years after OPEC member the UAE said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia

Oil slides 7% as UAE calls for OPEC boost amid Russian supply shock

Prices hit session lows after the Financial Times reported Yousef al-Otaiba, the UAE's ambassador to Washington, said the country favours increasing production

Oil hits almost decade high of $119 before Iran throttles the rally

Analyst says Iran deal can't replace Russia disruptions; OPEC and its allies have snubbed calls to accelerate output rises

Russia-Ukraine crisis: Brent crude tops $121 a barrel, wheat at 24-yr high

In India, MCX crude futures for March 21 delivery hit an all-time high of $8,274 a barrel.

OPEC+ trims 2022 oil market surplus forecast in latest data: Report

OPEC+ revised down its forecast for an oil market surplus this year by about 200,000 barrels per day to 1.1 million bpd, according to a base scenario in a technical committee report seen by Reuters

Oil's journey from worthless in the pandemic to $100 a barrel: An analysis

Benchmark Brent crude futures hit $100 a barrel on Wednesday for the first time since 2014 as Russian President Vladimir Putin ordered military operations in Ukraine

Saudi's crude oil production exceeds 10 million bpd in Dec; exports dip

Exports fell slightly to 6.937 million bpd from 6.949 million bpd in November, according to monthly figures provided by Saudi Arabia and other oil-exporting countries to JODI