OPEC Output Cut

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

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

Oil benchmarks jumped 6% on Monday, the day after the OPEC+ group jolted markets with plans to cut more production, raising fears of tightening supplies

According to a UBS India report, the rupee is likely to strengthen as the current account gap is expected to narrow in FY24

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, ...

Saudi Arabia and the United Arab Emirates defended on Monday a decision by OPEC and its allies to cut oil production, even as an American envoy warned of economic uncertainty ahead for the world. While cordial, the comments at the Abu Dhabi International Petroleum Exhibition and Conference showed the stark divide between the United States and Gulf Arab countries it supports militarily in the wider Middle East. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, hinted at that in brief remarks to the event, noting that upcoming UN climate change summits will be held in Egypt and the United Arab Emirates. We don't owe it to anybody but us, the prince said to applause. Emirati Energy Minister Suhail al-Mazrouei echoed that defence. While saying that OPEC and its allies are "only a phone call away if the requirements are there to raise production, he offered no suggestion such a boost would be on its way anytime soon. I can assure you that we in the United Arab Emirates, as w

To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank of Philadelphia President Patrick Harker said

As the world's third largest consumer and importer of oil, India buys about 85% of its needs from overseas, while its energy demands are set to rise to power its economic expansion

A higher than expected production cut by the group will add to the strain on government finances

The OPEC+ on Wednesday announced its decision to cut crude oil output by 2 million barrels per day, the new production cap levels will come into force from November 2022.

The record six-month-long freeze in petrol and diesel price revision in all likelihood will be extended after international oil prices rose on the announcement of deep production cuts by OPEC+. Some of the world's top oil-producing countries on Wednesday agreed to slash production by two million barrels per day to spur recovery in oil prices that had dropped to pre-Ukraine war levels. For India, this is bad news as a fall in oil prices in recent weeks had helped it cut down on its import bill as well as limit losses that state-owned fuel retailers were incurring on selling petrol and diesel. Prior to the decision of OPEC+, losses on diesel had come down to about Rs 5 per litre from a peak of around Rs 30 a litre while oil companies had started making a small profit on petrol, industry sources said. But the rise in prices of crude oil, which is refined to produce petrol, diesel and other products, and the weakening of the rupee against the US dollar would mean losses on diesel widen

CLOSING BELL: JSW Steel, Hindalco, Coal India, L&T, Tata Steel, ICICI Bank, HCL Tech, Axis Bank, Tata Motors, Tata Consumer Products, Shree Cement, and Wipro were the top gainers

Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply

Brent crude futures rebounded $3.46, or 4.1%, to $88.60 a barrel by 0915 GMT. US West Texas Intermediate crude was up 4.3%, or $3.39, at $82.88

Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market

Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67

Analysts believe further sell offs in oil markets could see OPEC+ intervene to support prices by collectively reducing their output

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

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 prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop