Page 7 - Opec

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

Crude oil rally gathers momentum as Brent pops above $96 a barrel

Crude has soared by about a quarter since mid-June, with Riyadh and Moscow joining hands to curtail exports in a bid to drain inventories and drive a rebound in prices

OPEC+ cuts to tighten oil market sharply in fourth quarter, says IEA

OPEC and its allies, known as OPEC+, began limiting supplies in 2022 to bolster the market

Oil prices jump 2% to near 10-month high as Opec predicts tight supplies

Brent futures rose $1.64, or 1.8%, to $92.28 a barrel by 11:15 a.m. EDT (1515 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.91, or 2.2%, to $89.20

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