Page 6 - Opec

Street remains optimistic about further gains in oil-marketing companies

The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices

Observers see Opec 'panicking' as COP28 focuses on fossil fuel phase-out

The oil industry is starting to sweat as United Nations climate talks heat up and threaten to plug fossil fuel-belching wells for good, veteran negotiation observers say. A reported letter from OPEC's leader pleading with the oil cartel's member countries to block any language in an agreement at climate talks that would phase out or phase down fossil fuels hit negotiations like a thunderclap. Host and fellow petrostate United Arab Emirates is trying to tamp down its reverberations in a process where one or two key nations can block everything. Environmental activists, still smarting from 30 years of soft power from oil interests keeping such discussions from seeing the light of day, smirked at signs that the mighty cartel was circling the wagons. I think they're panicking, said E3G analyst Alden Meyer. Maybe the Saudis can't do on their own what they've been doing for 30 years and block the process. Former Ireland President Mary Robinson said, They're scared. I think they're ...

Oil drops 2% as markets mull OPEC+ cuts' efficacy, macroeconomic slowdowns

Brent crude futures fell $1.59, or 2.06%, to $75.61 a barrel by 1454 GMT. US WTI crude futures fell by $1.67, or 2.31%, to $70.65 a barrel

India resumes imports of Venezuelan crude oil, Reliance seeks direct deal

Three Indian refiners have bought some 4 million barrels of Venezuelan crude for February delivery at between $7.50 and $8 per barrel below dated Brent on a delivered ex-ship basis, trade sources said

India unlikely to be hit by potential Opec+ production cut, say officials

Lower global demand and discounts on Russian crude to ensure continuous oil flows

Crude oil prices rise on weak dollar, expectations for OPEC+ output cuts

Brent crude futures were up 11 cents, or 0.1%, at $80.09 a barrel at 0510 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading 4 cents higher, also 0.1%, at $74.90 a barrel

OPEC defends 'vilified' oil-and-gas industry on eve of climate meeting

The Organization of Petroleum Exporting Countries said that the IEA has "unjustly vilified" the industry over its role in the climate crisis

Opec head Haitham Al Ghais accuses IEA of vilifying fossil fuel industry

"This presents an extremely narrow framing of challenges before us, and perhaps expediently plays down such issues as energy security, energy access and energy affordability," Al Ghais said

Crude oil holds a decline as Opec+ dispute clouds production outlook

Saudi Arabia, the de facto leader of Opec, and its allies are embroiled in a dispute over output quotas for African members

Opec+ ambitions for India oil market clash with clean energy goals

India's dependence on imported oil has only grown in the past decade to over 85 per cent of its needs

Brent crude futures climb over 2% to gain $2 amid Opec production cuts

The front-month December WTI contract expires later on Monday. The more active January futures gained $1.79 to $77.83

A blueprint for climate finance at COP28

India must advocate for reshaping the discourse on climate finance, shifting the focus from annual to cumulative emissions

COP28 : Petroleum ministry warns against curbs on hydrocarbon investments

India has until now strongly advocated for a phase-down of all fossil fuels, including oil and gas

India asks Opec to ensure oil market stability for global economy's benefit

India, the world's third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy. Oil Minister Hardeep Singh Puri said this at the 6th India-OPEC Energy Dialogue that took place on November 9 in Vienna, an official press statement said on Monday. The meeting was co-chaired by OPEC secretary general Haitham Al Ghais and Puri. "The open and candid discussions at the meeting focused on key issues related to oil and energy markets with a specific emphasis on ensuring availability, affordability and sustainability, which are necessary in ensuring the stability of energy markets. The two sides discussed the short, medium and long-term outlooks for the industry and recognized the important role of India in global economic growth and energy demand," the statement said. At the meeting, Puri highlighted that as the third-largest energy consumer, crude oil importer and the fourth-largest globa

Primary energy demand in India will more than double by 2045: Opec

India's energy demand will also reach 10 percent of global demand, up from 6.6 percent currently

Crude prices beyond $100 per barrel to create large, organised chaos: Puri

Previously, Puri underscored the need for oil producers to demonstrate the same consideration for consumer nations as they had received during the pandemic

Hardeep Puri urges OPEC to infuse sense of affordability in oil markets

In the interest of global good, the Minister advocated balancing global energy markets by ensuring that crude oil prices do not outstrip the paying ability of the consuming countries

Cloudy future

Higher oil prices increase risks for India

Crude oil prices rise 3%, breach $97 a barrel on US stockpile concern

Brent crude futures closed up $2.59, or 2.8 per cent, at $96.55. It breached $97 a barrel during the session

OPEC's share of India's August crude oil imports at five month high

This surge was attributed to Indian refiners reducing their purchases of Russian oil due to elevated prices and maintenance outages at some facilities, as indicated by tanker data from various sources