OPEC

The risks to Indo-Russian oil trade escalate when Urals crude starts trading above the cap imposed by the European Union

The quantity of crude that India imported was 6 per cent lower in 2021-22 at 212 million tonnes compared to 2018-19

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The latest pledges bring the total volume of cuts by Opec+ to 3.66 million bpd, including a 2 million barrel cut last October, equal to about 3.7 per cent of global demand

Industry executives said imports from Russia may rise further as talks are on to address difficulties in paying for Russian crude

A surprise cut in oil production from OPEC+ is now setting the stage for other producers to vie for markets in Asia

The surprise decision of OPEC and its allies, including Russia, to cut oil output may cause an immediate rise in prices, delaying revision in fuel prices in India, industry sources said. The grouping of Organisation of Petroleum Exporting Countries (OPEC) and its allies, called OPEC+, on Sunday decided to further cut oil output by around 1.16 million barrels. The move led to Brent rising by almost 6 per cent to USD 84.58 per barrel on Monday. This spurt will reverse the softening in rates witnessed in the basket of crude oil that India imports. The Indian basket was hovering in the range of USD 73-74 per barrel for most of the second half of last month and had brightened prospects of a cut in petrol and diesel prices. "Public sector oil companies had been recouping losses they incurred for holding rates when crude oil prices shot through the roof. Last month, international oil prices and retail pump rates had come at par. But now with the prices rising, the difference between cost

Consumes nearly half a million barrels a day more than in 2019

Even pricier food risks further aggravating social discontent and frustration with authorities. On top of that, an surprise oil output cut by OPEC+ at the weekend is pushing oil prices higher

The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine

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

Crude Oil prices declined by 10 per cent in the last 7 days - from $80.6 per barrel (Brent oil) on March 13

He said the oil and gas industry, which will retain its share as a critical component of the energy mix, must transform and decarbonize operations

OPEC's top official said climate policies need to be more "balanced and fair."

The European Union ban on seaborne Russian fuel shipments, coupled with earlier restrictions on the bloc's crude purchases, give more impetus for Moscow to ramp up the flows to India

After China driving the initial demand growth, it is going to be India which will take the leading role in crude requirement, along with other Asian and African countries, as per an OPEC report

The main message from the OPEC+ panel that met last Wednesday was that the group would stay the course until the end of the agreement in 2023

WTI is trading in contango, which means front-month delivery contracts are trading higher than later deliveries, indicating current oversupply

Brent crude futures had risen 12 cents to $86.24 per barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 30 cents to $80.45

Freeing the industry from administrative pricing could be the best way forward