Page 23 - Opec

Oil prices 'very challenging', need them to sober a bit: India to Opec

Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India. Fuel rates are at record highs across the country and petrol has crossed Rs 100 a litre mark in about a dozen states and union territories, while diesel is being sold at over Rs 100 a litre in Rajasthan and Odisha. "Today's price is a very challenging one," Pradhan said at BNEF Summit. "I am persuading my producer friends" for a reasonable price of oil. He said he had a very good discussion with OPEC ...

Oil prices fall on rising Covid cases in Asia, Eurupe ahead of Opec+ talks

All eyes will be on the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, to see what happens at their meeting on Thursday.

Oil prices slip after hitting highest since 2018 before OPEC+ talks

Brent was down 20 cents, or 0.3%, to $75.98 a barrel at 1040 GMT

Oil prices rise for fifth week to highest since 2018 on strong demand

Brent futures rose 62 cents, or 0.8 per cent, to settle at US$76.18 a barrel, while US West Texas Intermediate (WTI) crude rose 75 cents, or 1.0 per cent, to US$74.05

OVL on an oil slick, struggles with geopolitical and domestic challenges

Covid-19 has added to these issues. It has not only impacted the demand for fuel but also made the acquisition process slower.

Oil keeps climbing for fifth week on tight supply outlook, eyes on OPEC+

US West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1%, to $73.38 a barrel at 0216 GMT, headed for a 2.4% gain for the week

India presses OPEC for affordable oil, phasing out of production cuts

As a result, OPEC's share in India's oil imports has dropped to about 60 per cent in May from 74 per cent in the previous month

Middle East's crude share of India's oil imports hits 25-month low in May

India, world's third biggest oil importer, in March directed refiners to diversify crude sources after OPEC and its allies, led by top exporter Saudi Arabia, ignored Delhi's call to ease supply curbs

Opec+ discusses crude output hike in preparation for next meeting

Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter

Oil gains on OPEC outlook that US output growth will slow

NEW YORK (Reuters) - Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.

Oil bulls take charge as demand outlook improves, Brent up a fifth day

U.S. crude gained 66 cents, or 0.9%, to $72.78 a barrel, after rising 1.7% in the previous session

Oil holds near multi-year highs amid demand recovery ahead of Fed meeting

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased Covid-19 vaccinations help lift travel curbs

Opec+ complies with 115% of agreed oil output targets in May: Report

OPEC and its allies maintained strong compliance with agreed oil output targets in May, when the first part of a gradual production increase took effect

OPEC+ will need to boost output to meet 2022 demand recovery: IEA

The IEA shocked the energy industry with its "Net Zero by 2050" report on May 18

Oil trims gains, but heads for third weekly rise on demand recovery

Brent crude futures fell 23 cents, or 0.3%, to $72.29 a barrel at 0145 GMT, reversing most of Thursday's climb to its highest close since May 2019

Oil slips as start of US summer driving season fails to lift fuel demand

Brent crude oil futures were down 34 cents, or 0.5%, at $71.88 a barrel by 0108 GMT, while US oil futures declined by 36 cents, or 0.5%, at $69.60 a barrel

Oil prices rise for second day on signs of strong fuel demand recovery

Brent crude futures were up 15 cents, or 0.2%, at $72.37 a barrel at 0131 GMT and earlier rose to $72.58, the highest since May 20, 2019. Brent rose 1% on Tuesday

Oil dips on profit-taking after logging two-year high on OPEC+ curbs

NEW YORK (Reuters) - Oil prices pulled back on Monday after touching two-year highs on expectations of improved demand and OPEC producers keeping supply curbs in place.

Oil steady after sharp rise on improved fuel demand picture

Brent crude futures were up 16 cents, or 0.22%, at $71.51 a barrel by 1244 GMT after touching their highest since September 2019 at $71.99. The international benchmark had gained 1.6% on Wednesday

Oil extends gains on OPEC+ supply discipline and demand prospects

NEW YORK (Reuters) - Oil rose more than 1% on Wednesday, supported by a decision by OPEC and its allies to stick to its plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.