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Latest Articles in opec

Oil Prices At Seven Year High; What Explains The Surge?

An outage on a pipeline from Iraq to Turkey have increased concerns about an already tight supply outlook amid worrisome geopolitical troubles in Russia and the United Arab Emirates

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OPEC And Allies Gradually Pump More Oil Amid Omicron Spike

Oil prices plunged, and stocks slid in late November after the first reports about the ultra-contagious omicron variant. But prices have since recovered and markets calmed down.

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OPEC+ To Go Ahead With Oil Output Rise, As US Pressure Trumps Virus Scare

Surging infections have prompted renewed restrictions in Europe and the Omicron variant has already led to new clamp downs on some international travel.

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India Deliberating Group of PSU, Private Refiners To Seek Better Oil Import Deals

Initially the group of refiners will meet once in a fortnight and exchange ideas on crude purchases.

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'High Oil Prices To Hurt World Economic Recovery'

Oil Minister Hardeep Singh Puri has in recent weeks flagged the issue of high oil prices to Saudi Arabia, the UAE, Kuwait, Qatar, the US, Russia and Bahrain.

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OPEC Trims Oil Demand Forecast Due To Delta Variant

"The increased risk of COVID-19 cases primarily fueled by the Delta variant is clouding oil demand prospects going into the final quarter of the year," OPEC said in a report.

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India Takes Up High Oil Prices With OPEC, Producers

India imports 85 per cent of its oil needs and rates benchmarked to international prices have fuelled inflation.

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Puri Conveys India's Concerns Over High Oil Prices To Saudi, UAE

India is the world's third-largest consumer of crude and OPEC nations such as Saudi Arabia have traditionally been its principal oil source. But OPEC and OPEC+ ignoring its call for easing of supply curbs had led India to tap newer sources to diversify its crude oil imports.

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Petroleum Minister Hardeep Puri Dials UAE, Other Oil-Producing Nations Over Fuel Prices

The world’s third-largest importer has many times called on OPEC to price oil at reasonable levels that support growth and stop propping up prices with its output cuts.

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IOC Buys Oil From Guyana, Signs Up Term Pact For US Crude

IndianOil becomes the first Indian PSU refiner to procure Guyanese crude as part of our continuous efforts to diversify crude basket

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India Turns To OPEC Nations Saudi, UAE For Oxygen

Saudi Arabia's energy minister said India should first use the stocks of crude it bought cheaply during the price slump in 2020.

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India To Buy One-Third Less Oil From Saudi Arabia

Crude oil imports from OPEC countries decreased to 74.4 per cent of total imports during April 2020 to February 2021 as compared to 79.6 per cent in the same period of the previous year.

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Shares, Dollar Cheer US Stimulus, Bonds Downcast

The prospect of yet faster growth helped MSCI's broadest index of Asia-Pacific shares outside Japan firm 0.5%. Japan's Nikkei gained 0.9%, and Chinese blue chips 0.7%.

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Saudi Asks India To Use Cheap Oil It Bought Last Year To Cool Prices

India's Oil Minister Dharmendra Pradhan had in the run-up to Thursday's OPEC meeting urged the producers' group to ease production curbs to fulfil their promise of stable oil prices.

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Oil Surges After OPEC+ Holds Cuts, Strong US Jobs Growth

Brent futures rose $2.62, or 3.9%, to settle at $69.36 a barrel. The session high for the global benchmark was its highest since January 2020.

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