Tag: OPEC
17 Results
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“Russia will not sell oil at lower price cap,” says Putin
According to Russia's central bank, crude oil exports accounted for Euro113 billion in 2021, on top of the Euro70 billion earned from refined products, such as gasoline and diesel.
October 12, 2022 -
Oil prices rise as OPEC+ agrees to large output cut
The West Texas Intermediate for November delivery increased 1.24 US dollars, or 1.4 per cent, to settle at 87.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 1.57 dollars, or 1.7 per cent, to settle at 93.37 dollars a barrel on the London ICE Futures Exchange.
October 6, 2022 -
OPEC announces big cut in oil production
OPEC+ said on Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the Covid-19 pandemic, media reports said.
October 5, 2022 -
Oil prices rise over 1% after falling to 9-month low the previous day
Oil prices rose more than 1 per cent on Tuesday after declining to a nine-month low a day earlier, amid the hint that the Organization of the Petroleum Exporting Countries (Opec+) -- the producer alliance -- may go for output reductions to prevent further collapse in prices.
September 27, 2022 -
OPEC, allies reach ‘full agreement’ after production spat
In a statement on Sunday, the cartel announced that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise.
July 18, 2021 -
Govt flags concerns over crude oil prices in high-level consultation meeting with OPEC Secretary General
Pradhan flagged concerns over the increasing crude oil prices and its impact on consumers as well as on smart economic recovery.
June 25, 2021 -
OPEC, allies will gradually increase oil production in the coming months
The oil cartel and its allied nations agreed to add back some 2 million barrels per barrel per day of oil production from May to July.
April 2, 2021 -
India’s firm stand on OPEC+ production cut ensures complete oil supply
India has been hit hard by soaring oil prices and urged producers to ease the output cut to back the global economy to recover.
March 13, 2021 -
Petrol prices unchanged across metros for 8th day
The surge in the retail prices comes despite a surge in crude oil prices. Brent crude futures are currently over $69 per barrel.
March 7, 2021 -
Oil advances as OPEC+ extends most output cuts; Russia, Kazakhstan to raise production in April
Experts had broadly expected OPEC+ to reverse some of the output cuts.
March 5, 2021 -
OPEC ignores India’s call; Saudi asks New Delhi to use cheap oil it bought last year
Earlier this week, Pradhan had said India, where fuel demand is recovering to pre-pandemic levels, wants reasonable and responsible oil prices.
March 5, 2021 -
‘I believe Finance Minister can find a way’: Petroleum Minister Dharmendra Pradhan on fuel price hike
Talking to the media, Dharmendra Pradhan, on Sunday, said that there are two main reasons behind the fuel price rise.
February 21, 2021 -
Brent crude nears $55/bbl with Saudis pledging supply cut
The March contract of Brent on the Intercontinental Exchange (ICE) was at $54.70 a bbl, higher by 0.74 per cent from its previous close.
January 7, 2021 -
Crude oil price bounce higher after OPEC+ deal to cut output comes into effect
OPEC and its allies led by Russia agreed to reduce output by 9.7 million barrels per day (bpd) for May and June.
May 1, 2020 -
Supply-demand mismatch pushes oil prices to 21-year low at 14$
U.S. benchmark, West Texas Intermediate (WTI), plunged below the $15 per barrel mark as the lockdown led by the COVID-19 pandemic.
April 20, 2020 -
Saudi Aramco to supply 8.5 mn bpd from May to Asian refiners
The deal and its announcement came after Russia and Saudi Arabia ended their oil price war to control the plunging oil prices.
April 18, 2020 -
OPEC members agree on ‘historic’ output cuts amid COVID-19 pandemic lockdown
The agreement between the Vienna-based Organization of the Petroleum Exporting Countries and partners foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.
April 13, 2020