Page 7 - Opec

G20 Summit: Global Biofuels Alliance to act as a counter to Opec, says Puri

Acting as a counter to the OPEC grouping on biofuels, the GBA will help in advancing interests of large fossil fuel importers like India, the minister said

Oil stable amid hopes on stable fed rates, Opec+ supply cut expectations

Brent crude futures for November crept 5 cents higher to $88.60 a barrel by 1110 GMT. U.S. West Texas Intermediate crude (WTI) October futures rose 2 cents to $85.57 a barrel

Oil industry elite hits Singapore to debate over crude's next twist

Producers, hedge funds, analysts and traders will all converge on the Southeast Asian city-state for this year's Asia Pacific Petroleum Conference, organized by S&P Global Commodity Insights

India may prefer Middle East crude as Russian oil becomes costly: Report

India and China have been the two dominant buyers of Russian crude since the invasion of Ukraine more than a year ago after the war prompted other countries to shun the OPEC+ producer

OPEC upbeat over 2024 global oil demand outlook despite headwinds

The report also showed OPEC's oil production rose by 91,000 bpd to 28.19 million bpd in June, led by Iran and Iraq, despite output cuts pledged by OPEC+

Crude oil eases ahead of China, US data, but OPEC+ cuts limits slide

Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel by 0107 GMT, and U.S. West Texas Intermediate crude was at $73.57 a barrel, down 29 cents, or 0.4%

Oil drops 1% as market frets about risk of US interest rate hike

OPEC upbeat over 2024 oil demand outlook despite slowdown

Crude oil slumps on demand concerns amid rising rates offset supply cuts

Brent crude fell 49 cents, or 0.7%, to $75.18 a barrel by 1005 GMT while U.S. West Texas Intermediate (WTI) crude slipped 63 cents, or 0.9%, to $69.99

Saudi Arabia is slashing oil supply, higher gas prices for US drivers

Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed in a meeting in Vienna to extend earlier production cuts through next year. Calling the reduction a lollipop, Saudi Energy Minister Abdulaziz bin Salman said at a news conference that we wanted to ice the cake. He said the cut could be extended and that the group will do whatever is necessary to bring stability to this market. The new cut would likely push up oil prices in the short term, but the impact after that would depend on whether Saudi Arabia decides to extend it, said Jorge Leon, senior vice president of oil markets research at Rystad Energy. The move provides a price floor because the Saudis can play with the voluntary cut as mu

Oil prices rise on Saudi Arabia plan to deepen output cuts from July

OPEC+ meeting and Saudi cuts could boost prices, say analysts

Opec+ members reach agreement to extend production cuts into 2024

Negotiations dragged on as some African producers objected to demands that they give up some of their output quotas

OPEC+ unlikely to extend oil supply cuts at upcoming June 4 meeting

As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May and to continue to the end of the year

Oil slides 4% on worries about US debt ceiling, OPEC+ discussions

Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user

Innovation plays critical role in reducing emissions: OPEC Secy Gen

"We need to focus on 'all-peoples, all-fuels and all-technologies' approach for the energy transitions,'' he noted

India's imports from OPEC hits all-time low at 46% as Russia oil buy peaks

Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed. Organization of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022. This share slid to 46 per cent in April 2023, according to energy cargo tracker Vortexa. OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time but this has been sliding since Russian oil became available at discount in the aftermath of Moscow's invasion of Ukraine in February last year. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a seventh straight month by supplying more than one-third of all oil India imported. The imports from Russia are now more than combined purchases from Iraq and Saudi Arabia - India's biggest suppl

In its 50th year, IEA and Opec's marriage is overcome with bickering

There's a level of natural antagonism between the two bodies

Russian oil cuts Opec's share of Indian market to 22-year low at 59%

OPEC members mainly from the Middle East and Africa, saw their share of India's oil market slide to 59% in the fiscal year to March 2023, from about 72% in 2021-22

As India and Russia discuss FTA, the elephant in the room is rupee trade

Finding alternative paths to buy oil from states under Western sanctions is stretching the government and RBI's creativity

OPEC cites downside risk to summer oil outlook, holds demand forecast

Some members of OPEC+, which includes OPEC, Russia and others, announced new voluntary production cuts on April 2

OPEC+ output cut may cause higher prices, push up India's import bill: IEA

The International Energy Agency (IEA) on Tuesday termed the decision of OPEC+ to cut oil production as "risky for the global economy", saying it may push up already high prices, leading to higher import bills for nations like India. Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog. Talking to reporters after a bilateral meeting with India's Commerce and Industry Minister Piyush Goyal here, he said, "The cut of the additional production would mean that we have all the reasons to believe that there could be an upward pressure on the prices". "At this juncture of time when the global economy is still very fragile and many emerging countries have difficulties with economic performance, I found this decision risky for the global economy," he noted. Asked if oil prices could go past USD 100 per barrel again, he said, "I think we are all the da