"opec"

Seven OPEC+ countries including Saudi Arabia and Russia have agreed to a modest production increase of 188,000 barrels per day starting in June, citing a commitment to market stability. The decision comes amid heightened tensions as Iran blocks the Strait of Hormuz.

OPEC+ agreed to raise June output by 188,000 barrels daily amid West Asia tensions and Strait of Hormuz blockade. United Arab Emirates exit weakens the group, while disrupted exports and diplomacy moves caused volatile global oil prices

UAE’s exit signals a gradual shift in global oil governance—from tightly coordinated production regimes to more flexible, nationally driven strategies

UAE’s exit from OPEC opens up strategic opportunities for countries like India amid ongoing regional conflicts

Saudi Arabia remains an OPEC heavyweight despite waning influence, as rivalry with the UAE deepens over economic interests and regional politics, particularly in the Red Sea region

Eight OPEC+ nations agreed to a production adjustment of 206,000 barrels per day in May to stabilise oil markets amid West Asia tensions. The producers also warned that attacks on energy infrastructure and disruptions to maritime routes threaten global energy security

Traders are focused on the July 5 OPEC+ meeting, where a third consecutive production hike of 4,11,000 barrels per day is expected to be approved for August

“One way to stop it quickly is for OPEC+ to stop making so much money," Trump said

Speaking at the third Libya Energy and Economy Summit in Tripoli on Saturday, Sulaiman announced that Libya's oil sector is on a path of continuous recovery.

It was announced after rest of the OPEC oil cartel and allied nations like Russia met in an online meeting about global oil production.

Brent crude oil prices jumped from $72 per barrel in June to $97 per barrel in September 2023, placing severe strains on the capacities of most oil importing consuming countries.

Consumption had fallen by a steep 15 per cent in first half of July but picked up in the second fortnight.

New Delhi: India will release 5 million barrels of crude oil from its emergency stockpile in tandem with the US, China, Japan, and other major economies to cool international oil prices, the government announced on Tuesday. This is the first time ever that India, which stores 5.33 million tonne or about 38 million barrels of […]

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

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

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

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.

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.

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 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.