Oil Output

The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter, as it invests billions of dollars to produce from newer discoveries, a top company official said. Oil and Natural Gas Corporation (ONGC) in fiscal 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic metre (bcm) of natural gas, which is used to produce electricity, manufacture fertiliser and as CNG in automobiles. "We are definitely looking forward to increasing production of oil and gas in 2023-24 and even in the current year," ONGC chairman Arun Kumar Singh told PTI. In the current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonnes and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonnes and 25.689 million tonnes in 2024-25. Natural gas production is slated to rise to 25.68

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.

Brent oil prices jumped by over $2 per barrel to above $115 per barrel on the news amid tight global supplies and rising demand

Under a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts

Iran has seen a surge in its production and exportation of oil and gas since 2021 as the country works to revive the Iran nuclear deal

The move by financial services firm raises pressure on peers to heed a call for a halt to funding for new fossil fuel projects.

US oil output is expected to return to a near record high averaging 13 million barrels daily by next year, the Energy Information Administration forecast

Higher oil prices are sending reverberations throughout the global economy in terms of higher consumer inflation in the U.S. and Europe and costlier fuel for heating, flying and driving

Brent crude futures dropped 40 cents, or 0.5%, to $75.04 a barrel at 0748 GMT, after settling 3.2% higher on Tuesday

Brent crude futures for February gained $1.61, or 2.3%, to $71.49 a barrel by 0720 GMT while U.S. West Texas Intermediate crude for January were at $67.89 a barrel, up $1.63, or 2.5%

U.S. front month contract traded volumes remained low, at about 267,000 - below the 200-day moving average and far lower than the last four days.

Brent crude futures rose 13 cents, or 0.2%, to $82.44 a barrel by 0742 GMT

The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.

Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month

By Yuka Obayashi

SINGAPORE (Reuters) - Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of nearly 1% after China announced plans to sell crude from its strategic reserves.

By Ahmad Ghaddar, Rania El Gamal and Alex Lawler

OPEC and its allies will likely stick to their existing policy of gradual oil output increases, four sources said on Wednesday, even though the group revised up its 2022 demand outlook