Oil Crisis

The Biden administration said Friday it is buying 3 million barrels of oil to begin to replenish U.S. strategic reserves that officials drained earlier this year in a bid to stop gasoline prices from rising amid production cuts by OPEC and a ban on Russian oil imports. President Joe Biden withdrew 180 million barrels from the Strategic Petroleum Reserve starting in March, bringing the stockpile to its lowest level since the 1980s. The purchase, to begin in January, will start to replenish the reserve and is likely to be followed by additional purchases, officials said. The Energy Department called the purchase "a good deal for American taxpayers'' since the price will be lower than the $96 per barrel average the U.S. oil was sold for. The replenishment also will strengthen U.S. energy security, the department said in a statement. The purchase price was not announced, but benchmark West Texas Intermediate crude oil was selling at $74.50 per barrel late Friday. Gasoline prices, ...

G7 nations, including the United States, as well as the European Union and Australia, are planning to implement a likely price cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec 5

OPEC kingpin Saudi Arabia on Friday defended the oil cartel and its partner's decision to cut crude oil production, saying they were doing the right job to secure and stabilise the market. 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. OPEC+ earlier this month decided to cut crude oil production quotas by 2 million barrels per day, starting in November. The decisions of OPEC+ are aimed at securing, stabilise and sustaining the markets, he said. Since the OPEC+ decision on October 5, Dated Brent peaked at USD 98.775 per barrel on October 7 and was down to USD 91.35 on Friday. The visiting minister held discussions with top Indian ministers including Commerce and Industry Minister Piyush Goyal, Oil Minister Hardeep Singh Puri and Power Minister RK Singh. The Saudi Minister said bilateral

Strikes in France's major refineries continued, leading fears over fuel shortage across the country

The under-recoveries suffered by OMCs are around Rs 20-25 a litre for diesel and Rs 14-18 a litre for petrol, said sources.

US gasoline stocks fell despite sky-high pump prices. Analysts had expected gasoline stocks to rise 1.1 million barrel but this was not the case

Amin Nasser said on Monday he was sticking to the target of expanding capacity to 13 million barrels per day from the current 12 million by 2027, despite calls to do it faster

The Greek-Bulgaria border is where the European Union is redrawing the region's energy map to ease its heavy reliance on Russian natural gas

A source told Reuters that OPEC+ agreed to increase oil production by 400,000 bpd from March after a short meeting

Oil prices fell on Thursday as the US dollar strengthened following signs that the Federal Reserve will tighten monetary policy soon in the world's biggest oil user

Oil prices hit seven-year high last week on worries that supplies could tighten due to Ukraine-Russia tensions

The minister, Bassam Tomeh told state TV in an interview aired late Wednesday that oil supplies have been delayed because of the situation

No immediate hike, marginal increase likely to be implemented only after lockdown is lifted

The Indian economy is more capitalist oriented and invites foreign investment into the same

India, which imports more than 80% of its oil has been under pressure as crude oil prices have surged and its rupee currency has lost value

The meeting assumes significance as the US sanction against Iran kicks-in on November 4