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Organisation of the Petroleum Exporting Countries (OPEC) News
Organisation of the Petroleum Exporting Countries (OPEC)
Crude oil prices hit 7-year highs on Monday amid supply disruptions; UAE attack fuels concerns
Tue, Jan 18, 2022
Benchmark oil prices climbed to their highest level since 2014 on Tuesday as possible supply disruption after attacks in the Mideast Gulf added to an already tight supply outlook.
'Even $1 rise in crude can inflate import bill by Rs 6,160 cr'
Sat, Nov 24, 2018
"This will increase India's import bill as it meets over 80 per cent of its demand through imports, and a change of even USD 1 per barrel will impact the country's import bill by Rs 6,160 crore," it said.
Oil stable amid expectations OPEC will cut supply to prevent glut forming
Tue, Nov 20, 2018
The Organisation of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.
Oil prices fall on rising U.S. crude stocks, OPEC output concerns
Wed, Dec 14, 2016
Oil prices fell on Wednesday following a reported rise in U.S. crude inventories and an estimate that OPEC may have produced more crude in November than previously thought, potentially undermining a planned output cut.
Oil extends gains on hopes for non-OPEC output cuts
Fri, Dec 09, 2016
Oil prices extended gains on Friday, buoyed by growing optimism that non-OPEC producers might agree to cut output following a cartel agreement to limit production.
Gold edges lower, market focus turns to OPEC
Tue, Nov 29, 2016
Gold edged lower on Tuesday as the U.S. dollar steadied, with markets on edge ahead of a meeting this week that could see oil producers curb output. Spot gold was down 0.36 % at $1,189.10 an ounce by 0334 GMT. It gained 0.9 % in the previous session.
Oil prices fall as strong dollar wipes out OPEC cut optimism
Fri, Nov 18, 2016
Oil prices fell in early trading on Friday as the strengthening U.S. dollar snuffed out rekindled hopes that OPEC might agree production cuts. International Brent crude oil futures were trading down 13 cents at $46.36 per barrel at 0445 GMT, from their last close.
Oil prices jump on big US crude stock drawdown
Thu, Oct 20, 2016
The Energy Information Administration (EIA) said in its weekly report that US crude inventories dropped by 5.2 million barrels to a total of 468.7 million barrels in the week through October 14, Xinhua news agency reported.
Oil prices fall over 1% as analysts say market still oversupplied
Tue, Aug 23, 2016
Oil prices fell over 1% on Tuesday, with Goldman Sachs warning that August's price rally had been overdone and that a proposed oil production freeze at current near-record levels would not help rein in an oversupplied market.
Oil prices will keep recovering, says Saudi Arabia's new energy minister
Thu, Jun 02, 2016
"Everybody is very satisfied with the market. The market is rebalancing as we speak," said Khaled al-Falih, newly appointed by the kingdom's powerful and dynamic new crown prince.
Crude oil futures rise on weaker dollar, new cash inflows
Tue, Apr 26, 2016
Analysts have forecast more oil supply as Saudi Arabia and Iran seemingly ramps up output in a race for customers, further flooding the market with excess supplies.
Oil freeze agreement faces trouble as Saudi-Iran tensions spike
Sun, Apr 17, 2016
According to sources, experts were trying to find an acceptable solution to the problem that had held up the talks between OPEC and non-OPEC members to freeze oil output.