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Organisation of Petroleum Exporting Countries (OPEC) News
Organisation of Petroleum Exporting Countries (OPEC)
UAE energy minister says average oil price in 2018 was $70 a barrel
Sat, Jan 12, 2019
The Organization of the Petroleum Exporting Countries and other leading global oil producers led by Russia agreed in December to cut their combined oil output by 1.2 million barrels per day to balance the oil market starting from January.
Petrol exports in November lowest since April, shows Petroleum Ministry data
Thu, Dec 15, 2016
In the month of April, the diesel exports were 20.61 lakh metric tonne.
Qatar to cut oil production from January month
Tue, Dec 13, 2016
State-owned Qatar Petroleum, one of the largest oil companies in the world, announced today that it will reduce production levels from the beginning of next year.
Global oil&gas industry to see modest rebound in 2017: Moody's
Thu, Dec 08, 2016
"Outlook is stable for integrated oil and gas companies as their Ebitda will rise by about 5%, buoyed by stabilizing capex and a substantial re-alignment of cost structures," Moody's said in a note issued from New York.
Oil prices rise on U.S. crude stock decline, weaker dollar
Thu, Dec 08, 2016
"Oil prices are being supported by a raft of factors including underlying strength in the U.S. economy shown in better than expected factory and nonfarm payroll data and Chinese regulators` attempts to cut excess supply in steel and other industries," said Michael McCarthy, chief market strategist at Sydney`s CMC Markets.
Petrol, diesel price may surge by 8% in India post Opec's decision
Tue, Dec 06, 2016
With the rise in crude oil prices, the profitability of public sector refiners may improve in the third quarter.
A dollar increase in crude oil price raises India’s import bill by $500 million
Fri, Dec 02, 2016
Speculating a further increase in global crude oil prices, analysts said that every dollar increase in the price of crude oil will make India’s import bill rise by nearly half a billion dollars ($500 million).
OPEC reduces crude production, prices surge
Thu, Dec 01, 2016
The Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday to reduce their production of crude oil to 32.5 million barrels per day, which lead to a surge in oil pricing, media reports said.
Oil, dollar and bond yields sharply higher after OPEC deal
Thu, Dec 01, 2016
The Organization of the Petroleum Exporting Countries on Wednesday agreed to its first output cut since 2008, with Saudi Arabia accepting "a big hit" on its production. Non-OPEC Russia will also join output reductions for the first time in 15 years to help OPEC prop up oil prices.
Asian shares on the defensive as U.S. yields, dollar rise
Mon, Nov 21, 2016
"Next week, we have events that would make investors more sober, such as OPEC meeting and Italian referendum. By then this Trump-inspired market may come to an end for now," said Norihiro Fujito, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities.
Oil may rise to $55 if all producers cooperate - Iran
Sat, Nov 19, 2016
"We are receiving positive signals that increase the likelihood of agreement at the meeting ... and I`m optimistic about the situation," Zanganeh told state television by telephone, after meeting OPEC Secretary-General Mohammed Barkindo in Tehran ahead of the Nov. 30 meeting.
Oil prices extend rally, shrug off U.S. stock build
Wed, Nov 16, 2016
Oil futures rose on Wednesday, shrugging off an industry report that showed an unexpected build in U.S. crude stocks, and adding to gains of nearly 6 % from the previous session.
OPEC officials fail to agree on how to curb oil supplies
Sat, Oct 29, 2016
OPEC officials meeting in Vienna to work out the details of their plan to reduce oil production failed to reach agreement after hours of talks on Friday, amid objections by Iran which has been reluctant to even freeze its output, OPEC sources said.
Oil prices fall on rise in U.S. drilling, strong dollar
Mon, Oct 17, 2016
Oil prices fell early on Monday, pulled down by a rising rig count in the United States, a strong dollar and record OPEC-output which comes amid slowing global economic growth that could erode fuel demand.
Oil prices edge up on tighter U.S. fuel market
Fri, Oct 14, 2016
"Oil prices rose overnight despite rising stockpiles in the U.S., as fuel supplies in the U.S. fell to the lowest level this year," ANZ bank said in a morning note on Friday.
Asia stocks weak, dollar shines as rate view unchanged; China eyed
Thu, Oct 13, 2016
Asian stocks held near three-week lows and the greenback consolidated recent gains on Thursday after minutes of the last U.S. Federal Reserve policy meeting indicated a December rate increase was still on the cards.
Oil prices fall on higher OPEC output, U.S. crude stocks
Thu, Oct 13, 2016
Oil prices fell on Thursday after OPEC said that its production had risen to its highest level in at least eight years and following reports of an increase in U.S. crude stockpiles.
Oil edges up on record Indian imports, hopes of producer cut
Wed, Oct 12, 2016
India`s oil imports rose 4.4% in September from the previous month to a record high 4.47 million barrels per day (bpd) as the country expanded its refining capacity to meet growing fuel demand in an expanding economy, shipping data showed.
Oil prices fall on high production despite planned OPEC output cut
Mon, Oct 03, 2016
Oil prices fell away from $50 per barrel on Monday despite an agreement last week by exporters to cut output, with traders doubting the step was enough to rein in production that has exceeded consumption for the better part of three years.
Domestic markets rise ahead of F&Os expiry; oil companies in focus
Thu, Sep 29, 2016
For the month of September series in the Futures & Options (F&O) will expire today.