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OPEC

China's soft crude oil imports show impact of high prices: Report

China's soft crude oil imports show impact of high prices: Report

Thu, Dec 07, 2023

China was supposed to be the driving force behind global oil demand growth this year.

OPEC+ agrees to deepen voluntary oil output cuts

OPEC+ agrees to deepen voluntary oil output cuts

Fri, Dec 01, 2023

OPEC+ oil producers on Thursday agreed to voluntary output cuts totalling about 2.2 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its current voluntary cut.

Oil prices tick higher on OPEC demand optimism

Oil prices tick higher on OPEC demand optimism

Fri, Aug 11, 2023

Oil prices edged higher on Friday on optimism from the OPEC producer group that oil demand will be robust in 2024 as it also nudged up its expectations for global economic growth.

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Saudi Arabia pledges big oil cuts in July as OPEC+ extends deal into 2024

Saudi Arabia pledges big oil cuts in July as OPEC+ extends deal into 2024

Mon, Jun 05, 2023

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years.

Crude oil up over 2% after US debt deal and jobs data; focus turns to OPEC+

Crude oil up over 2% after US debt deal and jobs data; focus turns to OPEC+

Mon, Jun 05, 2023

Brent futures rose $1.85, or 2.5%, to settle at $76.13 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.64, or 2.3%, to settle at $71.74.

Crude oil settles lower as Russia downplays additional OPEC+ cuts

Crude oil settles lower as Russia downplays additional OPEC+ cuts

Fri, May 26, 2023

Brent crude futures settled down $2.10, or 2.7%, to $76.25 a barrel. U.S. West Texas Intermediate crude (WTI) settled down $2.51, or 3.4%, to $71.83. At their session low, both benchmarks were down by more than $3.

India's imports from OPEC at all-time low as Russian oil buy peaks

India's imports from OPEC at all-time low as Russian oil buy peaks

Sun, May 07, 2023

Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a seventh straight month by supplying more than one-third of all oil India imported.

Crude oil falls 2% as dollar gains on potential US Fed rate hike

Crude oil falls 2% as dollar gains on potential US Fed rate hike

Thu, Apr 20, 2023

Brent futures for June delivery fell $1.65, or 2.0%, to settle at $83.12 a barrel. West Texas Intermediate crude (WTI) for May delivery fell $1.70, or 2.1%, to settle at $79.16.

Crude oil prices decline 1% after scaling multi-month highs on OPEC's demand warning

Crude oil prices decline 1% after scaling multi-month highs on OPEC's demand warning

Fri, Apr 14, 2023

The Organization of the Petroleum Exporting Countries (OPEC) flagged downside risks to summer oil demand in a monthly report on Thursday, highlighting rising inventories and challenges to global growth.

OPEC+ output cut may lead to higher oil prices, push up India's import bill: IEA

OPEC+ output cut may lead to higher oil prices, push up India's import bill: IEA

Tue, Apr 11, 2023

Global oil markets were already set to tighten in the second half of 2023, with the potential for a substantial supply deficit to emerge, said Fatih Birol, head of the Paris-based energy watchdog.

ONGC, Oil India shares rise after OPEC+ surprise action lifts crude oil rates

ONGC, Oil India shares rise after OPEC+ surprise action lifts crude oil rates

Mon, Apr 03, 2023

Most energy stocks such as Oil and Natural Gas Corporation (ONGC), Oil India Limited (OIL), Mangalore Refinery & Petrochemicals (MRPL), and Chennai Petroleum Corporation were in demand during Monday's trading session on the exchanges.

How latest OPEC+ move to cut oil output may impact you: Know what experts have to say

How latest OPEC+ move to cut oil output may impact you: Know what experts have to say

Mon, Apr 03, 2023

Due to the upheaval brought on by the bankruptcy of a Silicon Valley bank and the bailout of Credit Suisse AG, oil prices last month reached a 15-month low. When the financial crisis began to show signs of stabilisation, prices had regained the majority of those losses.

What Brokerages Make Of IEA's Latest Crude Oil Forecasts

What Brokerages Make Of IEA's Latest Crude Oil Forecasts

Thu, Feb 16, 2023

Will Crude oil be bullish or bearish ahead? What is the opinion of brokerages on crude oil? Know OPEC's estimate & outlook from Neha Anand.

Commodities Live: Important Meeting Of OPEC+ On December 4; Will There Be A Decision On Reducing Oil Production?

Commodities Live: Important Meeting Of OPEC+ On December 4; Will There Be A Decision On Reducing Oil Production?

Fri, Dec 02, 2022

There will be an important meeting of OPEC+ countries on December 4. What will happen in OPEC+ meeting? Will there be a decision on reducing oil production? How much price will be fixed for Russian oil? Why world's eyes on this meeting? Watch Commodities Live to know experts opinion.

Saudi Arabia defends output cut, says OPEC+ doing right job for stable market

Saudi Arabia defends output cut, says OPEC+ doing right job for stable market

Sat, Oct 22, 2022

OPEC+ alliance "is doing the right job", said Saudi Energy Minister Abdulaziz bin Salman here. The minister is on a day-long visit to prepare the ground for Saudi Prime Minister and Crown Prince Mohammed bin Salman's trip to India next month.

India will buy oil from wherever it wants, no one has told us not to buy from Russia: Petroleum minister Hardeep Singh Puri

India will buy oil from wherever it wants, no one has told us not to buy from Russia: Petroleum minister Hardeep Singh Puri

Sat, Oct 08, 2022

Oil price rise in India is way below global price hikes, said Union Minister of Petroleum and Natural Gas Hardeep Singh Puri, asserting that no country has told India to stop buying oil from Russia.

Power Breakfast: Break On 2 Days US Market Rally, Twitter Stocks Sluggish After Jumping 22%, Crude Rises After OPEC+ Meeting

Power Breakfast: Break On 2 Days US Market Rally, Twitter Stocks Sluggish After Jumping 22%, Crude Rises After OPEC+ Meeting

Thu, Oct 06, 2022

The global markets traded mixed, as the US indices pause two days gaining streak to end negative on Wednesday. Dow Jones fell 40 points, Nasdaq, S&P 500 also fell. Twitter shares were sluggish yesterday after jumping 22 per cent on Tuesday on the back of Elon Musk’s claim to buy the social media platform at the previous price. Crude Oil picks up after OPEC+ meeting.

OPEC+ to cut oil output by 2 million barrels from November

OPEC+ to cut oil output by 2 million barrels from November

Thu, Oct 06, 2022

OPEC+`s meeting on Wednesday marked the group`s first in-person gathering at the ministerial level since March 2020, when Covid-19 restrictions moved the meeting online.

OPEC oil cartel, allies to consider biggest cut in oil production since pandemic

OPEC oil cartel, allies to consider biggest cut in oil production since pandemic

Tue, Oct 04, 2022

As recently as this summer, Western states were imploring Arab oil producers to raise output due to high oil prices, calls that were largely rebuffed.

Commodities Live: Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic

Commodities Live: Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic

Mon, Oct 03, 2022

Brent Crude has jumped more than 4% to reach near $89 and WTI Crude has reached nearly $83. The price of crude oil in the domestic market has reached nearly Rs 6,800. OPEC + countries are meeting on October 5 in which a decision can be taken to cut oil production by 5-10 lakh barrels per day.

Commodities Live: Oil Prices Lose Over 3% On Global Demand Concerns

Commodities Live: Oil Prices Lose Over 3% On Global Demand Concerns

Tue, Sep 06, 2022

In MCX, Crude fell by 3% to Rs 6,900. Brent Crude fell below $ 93 per barrel and WTI crude fell below $ 86.65 per barrel. Why did crude oil prices fall sharply? What are 7 key points about the OPEC+ decision? Watch Commodities Live to know the expert's opinion.

Power Breakfast: Slight Gains In Asian Markets, Crude Oil Jumps On OPEC+'s Decision

Power Breakfast: Slight Gains In Asian Markets, Crude Oil Jumps On OPEC+'s Decision

Tue, Sep 06, 2022

Today there is a slight gains in the Asian market. SGX Nifty is seen trading above 17,700 with gains. China has taken steps to increase Forex Liquidity. Euro, Britain's pound are under pressure. OPEC+'s decision to cut production by 1 lakh barrels per day from October has led to a jump in Crude Oil. Brent Crude is close to $ 95 a barrel and WTI is close to $ 90 a barrel.

Power Breakfast: Despite Strong Jobs Data US Market Fell Sharply, All Eyes On OPEC Meeting, US Market Will Remain Closed Today

Power Breakfast: Despite Strong Jobs Data US Market Fell Sharply, All Eyes On OPEC Meeting, US Market Will Remain Closed Today

Mon, Sep 05, 2022

US markets will remain closed today. Dow Jones dropped 340 points on Friday, Whereas, the Nifty closed down 1.3 percent. The unemployment rate rose from 3.5% to 3.7% in August. Europe markets are up by 2-3%. SGX Nifty is trading with a fall of 50 points. Today there is meeting of OPEC. Before the OPEC meeting, buying in crude oil was seen from the lower level. Brent rose 1.5% to close at $95 a barrel.

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