Opec Oil

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

Brent futures for March delivery gained 26 cents, or 0.3%, to $86.42 a barrel by 0655 GMT, while U.S. crude advanced 43 cents to $80.76 per barrel, a 0.5% gain

Brent crude futures fell 17 cents, or 0.2%, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2%, to $78.27

Brent crude futures firmed 95 cents or 1.14% to $83.98 per barrel by 0411 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 80 cents or 1.02% to $79.00 per barrel

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

Saudi Arabia said on Thursday that the US had urged the kingdom to postpone a decision by OPEC and its allies including Russia to cut oil production by a month which would have been just before the upcoming American midterm elections. A statement issued by the Saudi Foreign Ministry didn't specifically mention the elections, crucial to US President Joe Biden maintaining his Democratic Party's narrow majorities in Congress. However, it stated that the US suggested the cuts be delayed by a month as opposed to being implemented at OPEC's October 5 meeting in Vienna. A month delay would have put them just before the November 8 elections where they likely couldn't have drastically influenced prices at the pump. Rising oil prices and by extension higher gasoline prices have been a key driver of inflation in the US and around the world, worsening global economic woes as Russia's monthslong war on Ukraine also has disrupted global food supplies. For Biden, gasoline prices creeping up

How will OPEC production cuts affect India?

The decision by OPEC+ to impose larger-than-expected output cuts in a bid to spur a recovery in crude prices could become a cause for concern for India. Let's delve into its possible impact on India

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

The deal may be announced by the end of October and will allow US oil companies to drill oil in Venezuela, Nicolas Maduro will hold a free, fair presidential elections in 2024 in return

The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising US rates and a stronger USD

Oil prices jumped more than $1 a barrel on Monday, extending gains as investors eyed possible moves by OPEC+ producers to tweak production and support prices at a meeting later in the day

Oil edged higher on Monday to extend last week's gains as potential OPEC+ output cuts and conflict in Libya helped to offset a strong US dollar and a dire outlook for US growth

Indian companies are importing significant volumes of petroleum coke from Venezuela for the first time, trade sources and shipping data show, as the OPEC nation boosts exports

The estimate fell far short of producer group OPEC's estimate for the year of 3.4 million bpd growth on Tuesday

Brent crude futures was at $95.65 a barrel by 0742 GMT, up $1.21, or 1.3%, after earlier hitting a peak of $96.16, the highest since October 2014

Saudi Arabia, Russia consider pausing planned output hikes

The UAE on Thursday effectively blocked a deal agreed by top producers Saudi Arabia and Russia to ease oil cuts by 2 million barrels per day (bpd) by the end of 2021

WTI futures rise as much as 3.2%, Brent earlier topped $70

UAE, Kuwait and Nigeria -- some of the biggest suppliers of oil to India -- are all OPEC members