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oil production News
US to overtake Russia as world's biggest oil producer by 2019 latest: IEA
Tue, Feb 27, 2018
The soaring US production is upending global oil markets, coming at a time when a group of other major producers around Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) have been voluntarily withholding output in order to prop up prices.
Oil prices drop on increased U.S. drilling activity
Mon, Dec 11, 2017
Oil prices fell on Monday, pulled down as the latest rise in the U.S. rig count pointed to a further increase in American production, potentially undermining efforts led by OPEC to tighten markets.
Oil rebounds, as OPEC talks up cutting supply into 2018
Tue, May 09, 2017
Oil prices have been under pressure of late, amid investor concerns the global supply glut is not receding as fast as expected.
Oil prices mixed after U.S. production seen rising
Tue, Apr 18, 2017
Crude oil prices were mixed in thin trading on Tuesday after the Easter holiday break shut many markets for as long as four days and a U.S. government report indicated rising production, which may keep a cap on prices after recent gains.
Oil bounces off November lows, but bloated U.S. stockpiles pressure market
Thu, Mar 23, 2017
Prices for front-month Brent crude futures, the international benchmark for oil, were at $50.94 per barrel at 0146 GMT, up 30 cents, or 0.59 percent, from their last close. That came after Brent briefly dipped below $50 a barrel the previous session for the first time since November.
Iran leapfrogs Iraq to become India's second largest oil supplier
Mon, Mar 13, 2017
In the first 11 months of this fiscal year, between April and February, India imported about 542,400 bpd from Iran
OPEC oil output inches down after November deal
Wed, Jan 18, 2017
OPEC oil production fell in December but remains well above levels envisaged under a recent deal due to take effect from January, the cartel`s new monthly report showed on Wednesday.
ONGC to begin production from Ratna R-Series oil field in 2019
Mon, Dec 05, 2016
The production from the Ratna and R-Series oilfield will be 10,000 barrels per day initially. The government had cancelled the contract of awarding it to Essar Oil.
OPEC debates oil cuts amid deep disagreement
Wed, Nov 30, 2016
OPEC began on Wednesday debating a deal to curtail oil production in an effort to prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action.
Russia aims to keep oil output around current level after OPEC deal
Thu, Sep 29, 2016
Russia is aiming to keep its oil production at near-record levels despite OPEC's decision to modestly reduce its output, Russian Energy Minister Alexander Novak said on Thursday.
Oil prices rise on surprise OPEC deal to curb output
Thu, Sep 29, 2016
Oil prices extended gains after rising nearly 6% on Wednesday after OPEC struck a deal to limit crude output.
Russian oil majors Rosneft, Gazprom Neft raise output of hard-to-recover crude
Mon, Sep 26, 2016
Russian oil majors Rosneft and Gazprom Neft are raising the share of production from hard-to-recover reserves, to counter declining conventional output, showing the complexities facing producer nations seeking to tackle a global oversupply of crude.
Rising oil import prices may become Asia's growing pain
Sun, Sep 04, 2016
Asia`s net oil imports surpassed the total amount of oil consumed in North America in 2015 and are set to rise after producers slashed spending on exploration and production on low oil prices, leaving oilfields at risk of sharp production declines in the next decade.
Iran rejects suggestions of capping oil production at OPEC meeting
Thu, Jun 02, 2016
Tehran, which only recently returned to world oil markets after Western sanctions were lifted, has opposed any attempt to limit output to support weak crude prices.