Tag: OPEC

Rupee weakened against US dollar in choppy weekly trade

In what could translate into further trouble for the domestic currency, analysts see an upward move of 6 to 7 per cent in the Brent crude prices in the coming week.

February 17, 2019

Petrol, diesel see sharp price rise on Sunday

State-run oil marketing companies increased petrol rates by 49-60 paise per litre on Sunday, while diesel prices were raised by 59-75 paise across the four major metros.

January 13, 2019

Sensex down 100 points despite declining crude oil prices

All sectors, except consumer durables and capital goods, traded in red.

December 26, 2018

As Opec’s power wanes, Saudis tie up with Russia

OPEC is in the midst of a major crisis made more evident by Qatar’s announcement that it would be leaving OPEC, partly to protest Saudi dominance over the group.

December 17, 2018

India to wait and watch impact of oil producers’ output cut: Dharmendra Pradhan

The output cut decision, which was spearheaded by Russia, will come into effect on January 1.

December 11, 2018

Opec minus Qatar

News of the country leaving Opec is unnerving for the oil market and the market participants are yet to digest the full import of this development.

December 8, 2018

OPEC will take PM Modi’s views seriously while deciding oil prices: Saudi minister

India is the world's third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs.

December 7, 2018

Qatar to pull out of OPEC by January

Plans to focus on developing and increasing its natural gas production

December 3, 2018

Qatar to quit OPEC in January, says decision taken to focus on natural gas production

Qatar has been in OPEC for 57 years, but the Gulf state's new energy minister said that the country's impact on OPEC production decisions was small.

December 3, 2018

Wrong to blame OPEC for soaring fuel prices: Yashwant Sinha

"This is the first time in over four years that this government is facing a minor problem on the economic front. But they are unable to handle the crisis and coming out with all sorts of justifications," said Sinha.

September 11, 2018

Oil prices rise as crude output cut extended

Oil prices rebounded as the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil producers agreed to extend the production cut till the end of 2018. The West Texas Intermediate for January delivery on Thursday increased $0.10 to settle at $57.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for …

Continue reading "Oil prices rise as crude output cut extended"

December 1, 2017

Oil prices rise ahead of OPEC meeting

Oil prices climbed on Tuesday as investors were awaiting the closely-watched OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said. OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported. In a bid …

Continue reading "Oil prices rise ahead of OPEC meeting"

November 22, 2017

Oil prices decline ahead of OPEC meeting

Oil prices declined as investors became cautious ahead of an OPEC (Organisation of the Petroleum Exporting Countries) meeting next week, a media report said. OPEC and other key oil producers will meet on November 30 to discuss whether to extend the current price-supporting curbs on crude output, Xinhua news agency reported. In a bid to …

Continue reading "Oil prices decline ahead of OPEC meeting"

November 21, 2017

Oil prices rise amid OPEC monthly report

New York: Oil prices rallied for a third straight session as the Organization of the Petroleum Exporting Countries (OPEC) said the oil market showed signs of rebalancing. The West Texas Intermediate for November delivery on Wednesday increased $0.38 to settle at $51.30 a barrel on the New York Mercantile Exchange, while Brent crude for December …

Continue reading "Oil prices rise amid OPEC monthly report"

October 12, 2017

Oil prices fall on OPEC compliance concerns

Oil prices fell on Monday as investors were concerned that major oil exporters' output cut deal may not be effective enough. The West Texas Intermediate for September Delivery lost $0.19 to settle at $49.39 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased $0.05 to close at $52.37 a …

Continue reading "Oil prices fall on OPEC compliance concerns"

August 8, 2017

Indian basket of crude oils goes below $50 per barrel

The Indian basket of crude oils closed below the psychologically important $50-a-barrel mark on Monday as geopolitical tensions in the Middle East raised market concerns. Crude prices continued on their downward spiral following the OPEC cartel's decision last month to extend output cuts.  According to the latest official data, the Indian basket, comprising 73 per …

Continue reading "Indian basket of crude oils goes below $50 per barrel"

June 6, 2017

OPEC agrees to extend oil output cuts till March

The Organization of the Petroleum Exporting Countries (OPEC) on 25 May agreed to extend until March 2018 an oil output cut agreement put in place for six months effective from 1 January and will expire in June, Iranian media reported. Iranian channel Press TV reported that the decision of the 13-nation cartel that includes Iran …

Continue reading "OPEC agrees to extend oil output cuts till March"

May 26, 2017