Page 7 - Opec

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

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%