Page 9 - Opec

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

Oil prices stable as market awaits Federal Reserve, OPEC decisions

WTI is trading in contango, which means front-month delivery contracts are trading higher than later deliveries, indicating current oversupply

Oil edges up in early trade as US crude inventories rise less than expected

Brent crude futures had risen 12 cents to $86.24 per barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 30 cents to $80.45

Crude compulsions in Budget: Oil prices to put pressure on govt finances

Freeing the industry from administrative pricing could be the best way forward

Oil prices up amid forecasts of 2023 demand uptick from OPEC, IEA

Brent crude futures rose 76 cents, or 0.9%, to $81.44 per barrel by 1144 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 80 cents at $76.19

Oil prices rise after OPEC+ keeps output steady, Russian price cap imposed

At the same time, in a positive sign for fuel demand in the world's top oil importer, more Chinese cities eased COVID-19 curbs over the weekend

OPEC, allied producers' targets remain same amid sanctions against Russia

The Saudi-led OPEC oil cartel and allied producers, including Russia, did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. The decision at a meeting of oil ministers Sunday comes a day ahead of the planned start of two measures aimed at hitting Russia's oil earnings in response to its invasion of Ukraine. Those are: a European Union boycott of most Russian oil and a price cap of USD 60 per barrel on Russian exports imposed by the EU and the Group of Seven democracies. It is not yet clear how much Russian oil the two sanctions measures could take off the global market, which would tighten supply and drive up prices. The world's No. 2 oil producer has been able to reroute much, but not all, of its former Europe shipments to customers in India, China and Turkey. The impact of the price cap is also up in the air because Russia has said it ..

Oil prices remain steady ahead of OPEC+ meeting, EU Russian oil ban

Brent crude futures were up 14 cents, or 0.2%, at $87.02 per barrel by 1008 GMT. U.S. West Texas Intermediate (WTI) crude futures inched up 5 cents, or 0.1%, to $81.27 per barrel

Oil up over $2 on tighter supply but likelihood of OPEC+ talks limit gains

Brent crude futures rose $2.22, or 2.67% to $85.25 per barrel by 1340 GMT. The more active February Brent crude contract rose by 3.35% to $87.07

As Russia becomes India's premier oil supplier, Saudi is not losing sleep

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term