Crude Oil Production

Putin says Russia may cut its oil output in response to G-7 price cap

A decision on Moscow's response to EU price cap will be announced in a presidential decree within the next several days, says Putin

European sanctions on Russian oil lead to a traffic jam on Turkey's coast

The government in Ankara is insisting the ships have a letter from their insurer guaranteeing cover while in Turkish waters -- something that's yet to happen

Rice production, telecom subscribers pull down GDP growth in Q2 FY23

Steel consumption, commercial vehicle sales and some other sectors help economy

Mineral production increases by 4.6% during September: Ministry of Mines

The index of mineral production of mining and quarrying sector in September 2022 at 99.5 was 4.6% higher as compared to the level in March 2021

Russia bounces back to become India's second-largest crude supplier in Sep

Russian oil has become the mainstay of Indian refiners in only six months, a position which took decades for West Asian suppliers and the US to achieve

India's crude oil production falls 3.8% to 2.45 MT in July: Govt data

India's crude oil production fell 3.8 per cent in July on lower output from fields operated by state-owned ONGC and private sector firms, government data released on Tuesday showed. Production of crude oil, which is refined to produce fuels such as petrol and diesel, fell to 2.45 million tonnes in July from 2.54 million tonnes a year back. The output was lower than the monthly target of 2.59 million tonnes, the data released by the Ministry of Petroleum and Natural Gas showed. Oil and Natural Gas Corporation (ONGC) produced 1.7 per cent less oil at 1.63 million tonnes on lower output from western offshore. Fields operated by private firms saw a 12.34 per cent decline in production. But the oil production during the first four months of the current fiscal that began on April 1 was only marginally lower at 9.91 million tonnes as opposed to 9.96 million tonnes during April-July 2021. Oil Minister Hardeep Singh Puri on August 4 tweeted that the declining trend in crude oil production

Oil prices edge up on supply concerns after drop to near 6-month low

(Reuters) -Oil prices rose on Thursday as supply concerns triggered a rebound from multi-month lows plumbed in the previous session after U.S. data signalled weak fuel demand.

Windfall tax review more likely now after fall in global crude prices

Post windfall tax, the realised spread on diesel and gasoline has fallen to near loss-making levels while the realisation on aviation fuel and crude have also gone below 15-year averages

Govt imposes windfall tax on oil producers, raises import duty on gold

To curb gold imports, govt hikes customs duty on the metal to 15% from 10.75%

Domestic crude oil producers get marketing freedom, exports not allowed

According to a government statement, this move shall ensure marketing freedom for all exploration and production (E&P) operators

Indian oil firms to compensate ethanol makers for energy costs: Report

Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production, according to a letter.

ONGC sees crude oil production rising 11%, gas output jumping 25% by FY25

Reversing the declining trend of the past few years, ONGC said its crude oil production will rise 11 per cent and natural gas output will jump 25%

India's domestic crude oil production slips to 28-year low in FY22

Production declined every month for last 4-and-a-half years in core sector index; old fields among likely reasons

India's crude oil production falls 1% in April on account of lower output

India's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.

Iraq exports over 100 million barrels of crude oil in April: Oil ministry

The average selling price for crude oil in April was 104.09 dollars per barrel, according to a ministry statement, citing statistics from the State Organization for Marketing of Oil

Centre has room to isolate consumers from 15% hike in crude prices: MOFSl

According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets

Saudi Arabia may raise April crude prices to Asia to all-time highs

The sharp price hikes are tracking strong gains in Middle East benchmark Dubai last month which reached record levels as buyers faced limited options amid tight supplies

Oil markets hit multiple milestones after sanctions on Russia

Brent crude topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries plan to release a record 60 mn barrels of petroleum reserves to cool prices

Reliance delays 21-day crude unit shutdown to September: Report

The refiner had earlier planned to shut a crude unit at its 704,000 barrels per day (bpd) refinery for about three weeks in March, sources said. The refinery has two equal size crude units

ONGC seeks peak oil and natural gas output from KG block in FY24

With KG-D5 going live, oil production is estimated to rise to 24 million tonnes in 2023-24 and gas to rise to 32.16 bcm, said Anurag Sharma, director (onshore) and interim director (finance) of ONGC