Page 8 - Opec

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

Statsguru: Six charts show higher crude prices tend to push up inflation

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

Russian oil & Opec effect: Outcome of buying Urals oil above cap are severe

The risks to Indo-Russian oil trade escalate when Urals crude starts trading above the cap imposed by the European Union

TMS Ep404: Opec+ output cut, Alibaba, gas stocks, mixed reality headset

How will OPEC+ oil output cut affect you? What is happening at Alibaba? How will the unified pipeline tariff impact gas stocks? What is Apple's mixed reality headset? All answers here

Oil price stable as markets weigh OPEC+ surprise cuts amid demand woes

The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand

India will not be impacted by Opec+ production cut, officials say

Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude

Opec+ output cut opens door to others for battle over Asia's oil demand

A surprise cut in oil production from OPEC+ is now setting the stage for other producers to vie for markets in Asia

Surprise oil output cut by OPEC+ to delay price revision in India

The surprise decision of OPEC and its allies, including Russia, to cut oil output may cause an immediate rise in prices, delaying revision in fuel prices in India, industry sources said. The grouping of Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, on Sunday decided to further cut oil output by around 1.16 million barrels. The move led to Brent rising by almost 6 per cent to USD 84.58 per barrel on Monday. This spurt will reverse the softening in rates witnessed in the basket of crude oil that India imports. The Indian basket was hovering in the range of USD 73-74 per barrel for most of the second half of last month and had brightened prospects of a cut in petrol and diesel prices. "Public sector oil companies had been recouping losses they incurred for holding rates when crude oil prices shot through the roof. Last month, international oil prices and retail pump rates had come at par. But now with the prices rising, the difference between cost

India's oil demand outpaced world amid pandemic, Russia-Ukraine war

Consumes nearly half a million barrels a day more than in 2019

European countries' battle with inflation is far from over amid tax cuts

Even pricier food risks further aggravating social discontent and frustration with authorities. On top of that, an surprise oil output cut by OPEC+ at the weekend is pushing oil prices higher

In surprise move, Opec+ cuts daily oil output by over 1 million barrel

The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine

Saudi Arabia, other OPEC+ producers announce voluntary oil output cuts

The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market

Banking crisis triggers oil price fall; temporary phenomenon, say analysts

Crude Oil prices declined by 10 per cent in the last 7 days - from $80.6 per barrel (Brent oil) on March 13

Energy industry needs investment to meet global demand: OPEC Chief

He said the oil and gas industry, which will retain its share as a critical component of the energy mix, must transform and decarbonize operations

OPEC chief tells climate negotiators to 'look at the big picture'

OPEC's top official said climate policies need to be more "balanced and fair."

Big Russia presence in India Energy Summit indicates stronger ties

The European Union ban on seaborne Russian fuel shipments, coupled with earlier restrictions on the bloc's crude purchases, give more impetus for Moscow to ramp up the flows to India

India will take leading role in oil requirement till 2045: OPEC report

After China driving the initial demand growth, it is going to be India which will take the leading role in crude requirement, along with other Asian and African countries, as per an OPEC report

OPEC+ should get due recognition for constructive role: Secretary General

The main message from the OPEC+ panel that met last Wednesday was that the group would stay the course until the end of the agreement in 2023