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OPEC News

09 Nov 2022

US president Joe Biden has 'no plans' to meet Saudi Crown Prince at G20 summit

Biden has said he has no plans to meet Saudi Crown Prince This comes after OPEC's decision to cut oil production The cuts have infuriated Washington

Hardeep Singh Puri

08 Oct 2022

'Have I been told by anyone to stop buying Russian oil?': Hardeep Singh Puri

Hardeep Singh Puri said that India will buy oil from wherever it has to Puri further said that he hasn't been stopped from buying Russian oil by anyone Puri, however, refrained from commenting on OPEC's controversial decision

08 Oct 2022

OPEC's sovereign right to decide on oil production: Hardeep Singh Puri

Hardeep Singh Puri refrained from commenting on OPEC's decision to cut oil production However, Puri said the move is likely to be scrutinized very carefully He said that India as one of the major consumers of oil and gas also has a major say in the global oil market

22 Feb 2022

Oil hits highest since 2014 on Russia-Ukraine escalation

Brent crude, the global benchmark, was up $1.93, or 2%, at $97.32 by 1448 GMT. The Ukraine crisis has added further support to an oil market that has surged on tight supplies as demand recovers from the COVID-19 pandemic. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, have resisted calls to boost supply more rapidly.

27 Dec 2021

Oil falls after COVID-19 flight cancellations

Brent has risen by more than 45% this year. Oil, which plunged by more than 10% on Nov. 26 when reports of a new variant first appeared. OPEC+ stuck to its plans at its last meeting to boost output for January despite Omicron.

20 Apr 2020

Crude oil plunges to lowest since 1986 at $10.34 a barrel

Oil prices have collapsed by more than 60% since January to levels well below the costs necessary for many shale drillers to break even, leading to drilling halts and drastic spending cuts.

10 Apr 2020

Saudi, Russia outline record oil cut under US pressure as demand crashes

The planned output curbs by OPEC+ amount to 10 million barrels per day (bpd) or 10% of global supplies, with another 5 million bpd expected to come from other nations to help deal with the deepest oil crisis in decades.

18 Jun 2019

UAE assures supply of oil, LPG to India despite tanker attacks: Pradhan

India is 83 percent dependent on imports to meet its oil needs and is reliant on nations like the UAE to meet half of its cooking gas (LPG) needs.

14 Jun 2019

Brent oil rises for second day after Middle East tanker attacks

The attacks near Iran and the Strait of Hormuz pushed oil prices up as much as 4.5% on Thursday, putting the brakes on a slide in prices in recent weeks over concerns about global demand. US crude.

Organization of the Petroleum Exporting Countries

13 Jun 2019

OPEC cuts 2019 oil demand growth forecast, sees more downside risk

World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.

Organisation of the Petroleum Exporting Countries

08 Dec 2018

OPEC, allies agree to reduce crude production by 1.2 million barrels/day

The 15-member group agreed to cut crude oil output by 800,000 barrels per day, while Russia and its allied producers would slash oil production by around 400,000 barrels per day.

12 Oct 2018

With deadline for Iran sanctions, top US envoy to visit India for talks on oil

Special Representative for Iran Brian Hook will be in the country this week to find alternatives once US sanctions against Iran come into effect.

PM Narendra Modi

02 Oct 2018

Sun will replace oil wells in future: PM Modi outlines vision for solar energy

"We have a dream One World, One Sun One Grid."

08 Jul 2018

Iran slams Donald Trump's 'interfering' remarks on OPEC

Trump`s order for oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market," minister said.

28 Jun 2018

Under pressure from US, India may cut oil imports from Iran: Sources

US has put back sanctions on Iran after pulling out of a nuclear deal with the country. During previous sanctions, India had continued to import Iranian oil. Sources tell Reuters that current situation is different and there could be a 'drastic reduction or zero' imports.

13 Jun 2018

India discusses 'Oil Buyers Club' with China; seeks US crude to counter OPEC

Production cuts by OPEC have led to international oil prices hitting a four year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices.

26 May 2018

Oil prices slump as OPEC and Russia consider output boost

Brent crude futures fell $2.35, or 3 percent, to settle at $76.44 a barrel.

fuel price hike

20 May 2018

Increase in fuel prices due to less production of oil in OPEC, solution soon:

Petrol prices on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest-ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.

Indian Oil Corporation

30 Jan 2018

IOC Q3 profit beats estimates, profit doubles to Rs 7,883 crore

The PSU booked higher inventory gains due to a sharp rise in global oil prices.

25 Jan 2018

Brent oil hits $71 for 1st time since 2014 as dollar drops, US stocks decline

Analysts said that rising oil prices would likely start to have an inflationary effect.

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