Analysis shows need for 1 million bpd cut in oil output, says Saudi energy minister
6 years, 4 months ago

Analysis shows need for 1 million bpd cut in oil output, says Saudi energy minister

Live Mint  

Abu Dhabi: Saudi energy minister Khalid al-Falih said on Monday OPEC and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day from October levels to balance the market. Speaking at an industry event in Abu Dhabi, he said demand from Saudi Arabia’s customers in December would fall by more than half a million bpd compared with November and there was a consensus not to allow oil inventory to build up. Falih said Saudi Arabia was not preparing for a breakup of the Organization of the Petroleum Exporting Countries and believed the group would long remain the global central bank for oil. Falih told reporters that state oil company Saudi Aramco’s customer nominations would fall by 500,000 bpd in December versus November due to seasonal lower demand.

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History of this topic

Oil prices rise for second consecutive week on expected tighter supply
4 days, 21 hours ago

Oil prices rise for second consecutive week on expected tighter supply

Live Mint  

By Shariq Khan NEW YORK -Oil prices settled higher on Friday and recorded a second consecutive weekly gain as fresh U.S. sanctions on Iran and the latest output plan from the OPEC producer group raised expectations of tighter supply. On Thursday, the U.S. Treasury announced new Iran-related sanctions, which for the first time targeted an independent Chinese refiner among other …

Oil prices to remain around $70-75 per barrel, says Emkay
2 weeks ago

Oil prices to remain around $70-75 per barrel, says Emkay

Live Mint  

Oil prices edged higher on Wednesday, supported by a weaker dollar, though concerns over a potential U.S. economic slowdown and the impact of global trade tariffs limited gains. OPEC+ Policy and U.S. Energy Strategy Impact Oil Prices Emkay highlighted that OPEC+ has decided to gradually ease its production cuts, with a planned withdrawal of 2.20 million barrels per day from …

Top oil executives reckon with downturn even as Trump cheers them on
2 weeks, 4 days ago

Top oil executives reckon with downturn even as Trump cheers them on

Live Mint  

* Trump's policies have upended trade flows * Industry grapples with mass layoffs, activist investor push * Oil investment, output growth unlikely despite govt push * Oil prices hover around $70 a barrel By Arathy Somasekhar HOUSTON, March 7 - The world's energy industry leaders meet in Houston next week as plummeting oil prices push Big Oil to slash thousands …

BP drops climate targets in pivot back to oil and gas
1 month ago

BP drops climate targets in pivot back to oil and gas

Al Jazeera  

BP slashes planned investment in renewable energy and is increasing annual oil and gas spending. Oil major BP says it has slashed planned investment in renewable energy and would increase annual oil and gas spending to $10bn. “This move by oil giant BP clearly demonstrates why super-rich corporations and individuals, chasing short-term profit for themselves and shareholders, cannot be trusted …

Oil to snap three-week losing streak as trade war fears ease
1 month, 1 week ago

Oil to snap three-week losing streak as trade war fears ease

Live Mint  

By Paul Carsten LONDON - Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect before April, providing more time to avoid a trade war. "Positive development on the trade front in light of U.S. tariff delays …

OPEC sticks to oil-demand view, flags US trade policy risks
1 month, 2 weeks ago

OPEC sticks to oil-demand view, flags US trade policy risks

Live Mint  

The Organization of the Petroleum Exporting Countries stuck to its oil-demand forecast after reaffirming plans to gradually hike output from April, but said U.S. President Trump’s trade policy is injecting a dose of uncertainty into markets. OPEC still expects demand to grow by 1.45 million barrels a day this year and 1.43 million barrels a day the next, with strong …

Iran calls for OPEC to unite against potential US oil sanctions
Trending News
1 month, 3 weeks ago

Iran calls for OPEC to unite against potential US oil sanctions

Al Jazeera  

Iran’s President Masoud Pezeshkian urged OPEC members to unite against possible US sanctions on the major oil producer after US President Donald Trump said he would seek to drive Tehran’s oil exports to zero. ‘Destabilise oil and energy markets’ Trump first imposed the “maximum pressure” campaign on Iran during his first term after withdrawing from the Joint Comprehensive Plan of …

Oil prices drop amid supply concerns and weak economic data
2 months, 2 weeks ago

Oil prices drop amid supply concerns and weak economic data

Hindustan Times  

Oil prices eased on Tuesday, extending losses into a second consecutive session after last week's rally, although concerns about tighter Russian and Iranian supply amid widening Western sanctions checked losses. Despite worries about tighter Russian and Iranian supplies amid growing Western sanctions, oil prices dropped on Tuesday, extending losses into a second straight session following last week's gain. "This week's …

Oil rises as investors return from holidays, eye China recovery
2 months, 3 weeks ago

Oil rises as investors return from holidays, eye China recovery

The Hindu  

Oil prices nudged higher on Thursday, the first day of trade for 2025, as investors returning from holidays cautiously eyed China's economy and fuel demand following a pledge by President Xi Jinping to promote growth. Investors are also awaiting weekly U.S. oil stocks data from the Energy Information Administration that has been delayed until Thursday due to the New Year …

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl
3 months ago

Oil sheds 3% in 5 days on US Fed rate cut outlook, weak Chinese demand; Brent slips below $73/bbl

Live Mint  

International crude oil prices settled little changed in the previous session after markets weighed weak Chinese demand and fewer interest rate-cut expectations by the US Federal Reserve after recent prints of US inflation. -The US dollar retreated from a two-year high but was heading for a third consecutive week of gains after data showed cooling US inflation two days after …

Saudi Arabia cuts oil prices for Asia amid weak demand: Report
3 months, 2 weeks ago

Saudi Arabia cuts oil prices for Asia amid weak demand: Report

Hindustan Times  

Saudi Arabia is cutting oil prices for Asian buyers by a margin more than expected due to a weak market outlook, according to a Bloomberg report. An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. Saudi Aramco, the state-owned oil producer, also cut prices for north-west Europe and …

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
3 months, 3 weeks ago

Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026

Live Mint  

International crude oil prices traded higher on Thursday, December 5, after the Organisation of Petroleum Exporting Countries and its allies, in its virtual meeting, decided to delay its planned output increase by three months to April 2025 and extend the full unwind of production cuts by a year until the end of 2026. -According to Reuters calculations, the gradual unwinding …

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
3 months, 3 weeks ago

'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting

Firstpost  

OPEC+ members are holding back 5.86 million barrels per day of output, or about 5.7% of global demand, in a series of steps agreed since 2022 to support the market OPEC+ will delay its plan to raise oil output, currently set to start in January, during its online meeting on Thursday, an OPEC+ source told Reuters, to provide additional support …

Key members of OPEC+ alliance are putting off production increases amid slack crude prices
3 months, 3 weeks ago

Key members of OPEC+ alliance are putting off production increases amid slack crude prices

Associated Press  

FRANKFURT, Germany — Eight members of the OPEC+ alliance of oil exporting countries decided Thursday to put off increasing oil production as they face weaker than expected demand and competing production from non-allied countries — factors that could keep oil prices stagnant into next year. Oil prices have been slack due to weaker than expected demand from China as well …

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
3 months, 3 weeks ago

Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight

Live Mint  

-- Oil steadied after a decline, with traders looking ahead to an OPEC meeting on Thursday that’s expected to see the cartel again defer a move to revive output in an already well-supplied market. While commercial stockpiles shrank more than 5 million barrels for the biggest weekly drop since August, nationwide oil production hit a record in a reminder of …

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
3 months, 3 weeks ago

Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts

Live Mint  

International crude oil prices edged lower in the previous session to log a weekly decline of more than three per cent, pressured by easing concern over supply risks from the Israel-Hezbollah conflict and the prospect of increased supply in 2025 even as the Organisation of Petroleum Exporting Countries and its allies is expected to extend output cuts. According to news …

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell
3 months, 3 weeks ago

Asia’s November crude oil imports nudge higher, still heading for annual fall: Russell

Live Mint  

By Clyde Russell LAUNCESTON, Australia, Nov 28 - Asia's imports of crude oil ticked up slightly in November, led by a recovery by top importer China, but arrivals are still on track to be weaker this year than in 2023. For the first 11 months of the year, Asia's crude imports were 26.52 million bpd, down 370,000 bpd from the …

OPEC Has Little Room to Revive Oil Supply, Iran Official Says
4 months ago

OPEC Has Little Room to Revive Oil Supply, Iran Official Says

Live Mint  

-- OPEC has little scope to reverse its oil production cuts, which have triggered a wave of rival supply from the US shale industry, Iran’s representative to the group said. “This strategy in support of prices has effectively encouraged higher supply outside the group, particularly on the part of the US,” Iranian OPEC governor Afshin Javan said of the curbs …

China’s surplus crude oil eased in October, but this is still bearish: Russell
4 months, 1 week ago

China’s surplus crude oil eased in October, but this is still bearish: Russell

Live Mint  

By Clyde Russell SYDNEY, Nov 18 - China's crude oil surplus nearly halved in October, but this was a further sign of weakness as both imports and refinery runs dipped. But there is also a structural shift underway in China's crude oil demand, with the rapid uptake of what Beijing terms new energy vehicles, which include full electric vehicles and …

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
4 months, 1 week ago

Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71

Live Mint  

International crude oil prices settled down more than two per cent in the previous session as investors fretted about weaker Chinese oil demand and a potential slowing in the pace of US Federal Reserve interest rate cuts after the latest macroeconomic data. Back home, crude oil futures settled 1.86 per cent lower at ₹5,660 per barrel on the multi commodity …

Oil heads for weekly loss as Chinese demand continues to underperform
Trending News
4 months, 1 week ago

Oil heads for weekly loss as Chinese demand continues to underperform

Live Mint  

By Nicole Jao and Gabrielle Ng SINGAPORE -Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. The decline in run rates occurred as China's factory output growth slowed last month and demand woes in its property sector showed few signs of abating even though consumer spending …

Saudi minister warns of $50 oil as OPEC+ members flout production curbs
5 months, 3 weeks ago

Saudi minister warns of $50 oil as OPEC+ members flout production curbs

Live Mint  

The Saudi oil minister has said that prices could drop to as low as $50 per barrel if so-called cheaters within OPEC+ don’t stick to agreed-upon production limits, according to delegates in the cartel. But geopolitical tensions have persisted for months without meaningful effect on oil prices, and the declines have been frustrating for Saudi officials in part because other …

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary
6 months, 2 weeks ago

Govt may cut petrol and diesel prices if global prices remain low: Petroleum Secretary

Live Mint  

Secretary at the Ministry of Petroleum and Natural Gas, Pankaj Jain, said on Thursday that oil companies will consider cutting fuel prices if crude oil remains low for an extended period. With the rise in fuel demand, India wants increased output from the Organisation of Petroleum Exporting Countries, its allies, and Russia, the Oil Secretary added. Global crude oil prices …

Russian deputy PM says global oil market will be balanced from second half of 2024
8 months, 1 week ago

Russian deputy PM says global oil market will be balanced from second half of 2024

The Hindu  

Russian Deputy Prime Minister Alexander Novak said on Monday the global oil market will be balanced in the second half of the year and thereafter, thanks to the OPEC+ deal on production supply. OPEC+, which groups the Organization of the Petroleum Exporting countries and allies such as Russia, has implemented a series of output cuts since late 2022 to support …

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices
9 months, 3 weeks ago

Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

India TV News  

Dubai: OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. On Sunday, OPEC+ agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025 …

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
9 months, 3 weeks ago

Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Saudi Arabia and allied oil …

Oil producers led by Saudis extended supply cuts amid slack prices
9 months, 3 weeks ago

Oil producers led by Saudis extended supply cuts amid slack prices

Associated Press  

FRANKFURT, Germany — Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven’t risen even amid turmoil in the Middle East and the start of the summer travel season. The OPEC+ alliance, made up of members of the producers cartel and allied countries including Russia, extended …

Opec cartel to extend cuts to oil output in bid to prop up prices
9 months, 3 weeks ago

Opec cartel to extend cuts to oil output in bid to prop up prices

The Telegraph  

Saudi Arabia and Russia have led members of the Opec cartel in extending deep production cuts to oil output into 2025, in a fresh bid to prop up prices in the face of US competition. The move will put upward pressure on oil prices, with Brent crude currently trading at around $81 per barrel, at a time when unexpectedly high …

Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl
11 months, 1 week ago

Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl

Live Mint  

Oil prices saw a downward drift on Monday, as the market seemed to minimize concerns about a wider regional conflict following Iran's weekend attack on Israel. “Crude oil dipped around $85 after Israel successfully defended itself from Iran's large-scale air attack over the weekend, and the US underlined its desire to prevent a larger Middle East conflict. The attack, labeled …

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast
11 months, 2 weeks ago

OPEC sticks to oil demand view, cuts non-OPEC supply growth forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but lowered its forecast for non-OPEC supply growth for this year and next. The group cut its non-OPEC supply growth forecast to 1 million barrels a day for 2024 from 1.1 million barrels a day previously, saying the main drivers of growth are expected to …

BP sees oil and gas production move higher in first quarter
11 months, 2 weeks ago

BP sees oil and gas production move higher in first quarter

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Energy giant BP told investors …

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl
1 year ago

Oil holds near 4-month high, logs 3% weekly gain on IEA demand forecast, Ukraine attack; Brent at $83/bbl

Live Mint  

Oil prices declined on Friday, March 16, a day after topping the $85 per barrel-mark for the first time since November, but prices settled almost three per cent higher for the week on higher demand from US refiners and the oil demand projections for 2024 by the International Energy Agency. Coming to domestic prices, crude oil futures last settled 0.15 …

Global oil demand to grow amid Red Sea shipping disruptions: IEA
1 year ago

Global oil demand to grow amid Red Sea shipping disruptions: IEA

Al Jazeera  

The International Energy Agency says shipping disruptions provide a short-term boost to the oil market with demand at 1.3 million barrels per day. Global oil demand is forecast to grow more than expected due to the rising fuel needs of ships rerouted away from the Red Sea amid attacks by Yemen’s Houthi rebels and a brighter economic outlook in the …

OPEC Holds Oil Demand View Steady, Raises 2024 Economic Forecast
1 year ago

OPEC Holds Oil Demand View Steady, Raises 2024 Economic Forecast

Live Mint  

The Organization of the Petroleum Exporting Countries left its estimates for global oil-demand growth unchanged, but raised its economic forecast for this year further amid falling inflation and anticipated interest-rate cuts. In its monthly report, the Vienna-based cartel said it continues to expect oil demand to grow by 2.2 million barrels a day this year and by 1.8 million barrels …

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl
1 year, 1 month ago

Oil prices slip amid interest rate outlook; Brent crude at $81.42/bbl

Live Mint  

Oil prices experienced a slight decline amid speculation that unexpectedly robust inflation figures might postpone reductions in high interest rates, which have been restraining global fuel demand growth. Brent crude futures saw a decrease of 20 cents, marking a 0.3% drop to $81.42 per barrel by 1415 GMT. This downward trend follows last week's losses, with Brent experiencing a decline …

Higher global oil supply set to satisfy demand increase, IEA says
1 year, 1 month ago

Higher global oil supply set to satisfy demand increase, IEA says

Live Mint  

Global oil demand is expected to grow at a significantly weaker pace this year, while soaring output from the Americas will help boost supply despite output curbs from OPEC and its allies, the International Energy Agency said. On Wednesday, the Organization of the Petroleum Exporting Countries reiterated that it anticipates global oil-demand growth at 2.2 million barrels a day this …

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81
1 year, 1 month ago

Oil prices extend over 1% drop ahead of US Fed policy verdict; Brent at $81

Live Mint  

Oil prices edged lower on Tuesday, January 30, extending a more than one per cent drop in the previous session on China's economic outlook, however the losses were kept in check by supply fears driven escalating tensions in the Middle East. Back home, on the Multi Commodity Exchange, crude oil futures due for a February 16 expiry, was last trading …

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC
1 year, 2 months ago

‘Oil markets well supplied’, says IEA as it raises 2024 global demand forecast; projects lower than OPEC

Live Mint  

The International Energy Agency has again raised its global oil demand growth forecast for 2024. With the conflict in the Middle East raising concerns over supply, the IEA said that - barring significant disruptions to flows - the market looked reasonably well supplied in 2024 and a surplus could emerge if OPEC and its allies unwind output cuts as scheduled …

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts
1 year, 3 months ago

Putin and Saudis plead with Opec allies to press ahead with oil supply cuts

The Telegraph  

Vladimir Putin and the leader of Saudi Arabia have urged members of the Opec+ oil cartel to follow through with an agreement to cut supplies as oil prices plunge. The joint statement read: “In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the Opec+ countries in enhancing the stability of …

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl
1 year, 3 months ago

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl

Live Mint  

Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last trading lower by 4.75 per cent at ₹5,791 per bbl, having swung …

Some OPEC+ members will cut the oil that they send to the world to try to boost prices
1 year, 3 months ago

Some OPEC+ members will cut the oil that they send to the world to try to boost prices

Associated Press  

LONDON — The OPEC oil cartel led by Saudi Arabia and allied producers including Russia made another big swipe at propping up lagging crude prices Thursday, expanding some output cuts into next year and bringing up-and-coming oil supplier Brazil into the fold. But it’s bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks …

An unruly OPEC is causing problems for Russia and Saudi Arabia
1 year, 3 months ago

An unruly OPEC is causing problems for Russia and Saudi Arabia

Live Mint  

The November meeting of the Organisation of the Petroleum Exporting Countries and its partners was meant to be a staid affair. After acquiescing to lower output quotas at their previous meeting in June, Opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. Saudi Arabia and Russia …

OPEC+ agrees voluntary oil production cuts
1 year, 3 months ago

OPEC+ agrees voluntary oil production cuts

Al Jazeera  

Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output cuts for the first quarter of 2024. OPEC+ producers have agreed to voluntary oil output cuts for the first quarter next year in an attempt to boost the market, but crude prices fell after the move. Saudi Arabia, Russia and other members of OPEC+, who pump more than …

Oil price climbs as Saudi-led cartel agrees to cut production
1 year, 3 months ago

Oil price climbs as Saudi-led cartel agrees to cut production

The Telegraph  

The price of crude oil fell after a cartel of oil-producing nations led by Saudi Arabia surprised the market by issuing a statement that failed to include an expected pledge to cut production by another million barrels per day. The online gathering of producers aimed to prop up the declining price of oil and has ended with an agreement to …

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?
1 year, 3 months ago

OPEC+ to announce oil output policy decision on November 30: What’s on agenda?

Live Mint  

The Organization of the Petroleum Exporting Countries and allies including Russia or OPEC+ will hold its ministerial meeting on Thursday, November 30 to announce the oil output supply decision for 2024. Saudi Arabia, Russia and other members of OPEC+ have already pledged total oil output cuts of about 5 million barrels per day, about 5 per cent of daily global …

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023
1 year, 4 months ago

Saudi Arabia likely to extend additional oil supply cuts beyond December 2023

Live Mint  

World's top exporter Saudi Arabia is expected to extend its additional voluntary supply cuts to at least the first quarter, if not the first half of 2024, Amrita Sen, co-founder of consultancy Energy Aspects said on Wednesday. Current oil prices are not low enough to push the Organization of the Petroleum Exporting Countries and their allies, known as OPEC, to …

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more
1 year, 4 months ago

From $89 to near $100 and back: How Brent crude moved since last Diwali over OPEC+ cuts & more

Live Mint  

Crude oil benchmark Brent futures has moved sideways in the last one year - between November 2022 to November 2023, majorly due to the supply cuts announced by the Organisation of Petroleum Exporting Countries and its allies as well as the Israel-Hamas war. The shock cut, led by Saudi Arabia, immediately drove crude oil prices 8 per cent higher to …

As Israel's war against Hamas escalates, US sends a warning to Iran, raising fears of a recession
1 year, 5 months ago

As Israel's war against Hamas escalates, US sends a warning to Iran, raising fears of a recession

ABC  

As fears mount over Tehran's involvement in the Israel-Gaza conflict, the Biden administration has sent a clear message to Iran's regime: exercise caution. Iranian oil exports could take a hit While Iran is accused of supporting and funding terrorism, there's been a marked increase in Iranians protesting against the regime across Iranian cities, and many want the US to take …

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns
1 year, 5 months ago

Brent inches 1% higher to $86/bbl as OPEC sticks to 2024 oil demand, IEA downgrades on macro concerns

Live Mint  

OPEC stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs of a resilient world economy so far this year and expected further demand gains in China. The Organisation of Petroleum Exporting Countries has stuck to its forecast for relatively strong growth in global oil demand in 2023 in 2024, citing signs …

India tells OPEC it must be sensitive to needs of oil consuming nations
1 year, 5 months ago

India tells OPEC it must be sensitive to needs of oil consuming nations

Live Mint  

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries to be sensitive to the needs of oil-consuming nations and curb output cuts. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the …

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