Saturday, January 29, 2022

OPEC

India to release 5 mn barrels of crude oil from strategic reserves to cool prices

New Delhi: India will release 5 million barrels of crude oil from its emergency stockpile in tandem with the US, China, Japan, and other...

No change in petrol, diesel prices for 16 straight days

Petrol prices in all metros have now crossed Rs 100 per litre mark.

No revision in fuel prices for 11th consecutive day

Petrol prices in all metros have now crossed Rs 100 per litre mark.

Covid resurgence, OPEC supplies hike could come to India’s aid

The increase in Covid cases globally have made the oil market uncertain as it has the potential to erode demand quickly.

Oil prices very challenging: India to OPEC

Fuel rates are at record highs across the country and petrol has crossed Rs 100 a litre mark in about a dozen states and union territories.

Crude to be around $60 a barrel in 2021

The expectation for the crude was that it may surge in 2021 on the back of economies recovering as vaccinations tamed the spread of Covid-19.

Fuel prices unchanged for 3 weeks

Crude has now slipped 6 per cent in last six days and is now sitting a tab lower around $64.5 a barrel on the back of rising US inventory.

Saudi asks India to use cheap oil it bought last year to cool prices

Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased at very cheap rates last year.

New Year OPEC+ meeting to decide production levels

The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia.

Petrol price at 2-year high of Rs 83 per litre, diesel at 73.32

This is the highest rate for petrol and diesel since September 2018 and followed the 13th increase in rates since November 20.

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