Tag: OPEC
17 Results
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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 -
India will remain engine of world’s energy demand growth: Pradhan to G20 leaders
India being world's third-largest oil consumer is planning to spend $ 670 million to buy oil at around the $30 a barrel for its strategic reserves purchased from Saudi Arabia and UAE.
April 11, 2020 -
Crude oil prices drop after ‘OPEC+’ delays emergency meet
Reports suggest that the new rift between the OPEC de facto leader Saudi Arabia and other major oil producer Russia has led to the postponement of the meeting.
April 6, 2020 -
OPEC+ emergency meeting unlikely to take place on Monday due to new rift between Russia, Saudi Arabia
Saudi Arabia’s reaction comes a day after Russian President Vladimir Putin blamed the kingdom for the collapse in global energy prices.
April 4, 2020 -
Saudi Arabia rebukes Vladimir Putin for blaming Riyad for oil price collapse
Oil prices sharply fell after the so-called OPEC+ group of countries including Russia failed to agree to production cuts in early March.
April 4, 2020 -
Oil prices claw back ground after biggest fall since 1991 Gulf War
Saudi Arabia is aiming to boost its crude oil output of over 10 million barrels per day in April after the current supply deal between OPEC Russia ie OPEC+ expires in March.
March 10, 2020 -
Sensex tanks over 2400 points amid Coronavirus fears; Reliance suffers worst fall in 10 years
Stocks of Reliance Industries nosedived 11 per cent in its worst single-day fall in at least 10 years as it fell to Rs 1,094.95 per share.
March 9, 2020 -
Asia stocks dive down amid panic selling on fear of coronavirus, plunge in oil prices
Oil markets were the main drivers of decline, as the oil prices plunged about 20 per cent on Monday.
March 9, 2020 -
Oil companies’ shares slip on OPEC output cut buzz
The demand for crude oil and refined products has fallen because of the low seasonal demand.
December 6, 2019 -
US to ensure adequate oil supplies in global market: Mike Pompeo
The Trump administration announced on April 22 that the US sanctions would be reimposed on all countries that import Iranian oil since May 2, leading to turbulence in global oil markets.
April 30, 2019 -
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