Page 10 - Oil Production

'Too much, too fast' commodity rally unsustainable, says Goldman

The Wall Street bank sees downside risks in agricultural and energy markets, citing the recent strength as surprising given the massive inventory overhangs and depressed demand

Opec, Russia meet to extend record oil supply cuts, push for compliance

An extension to cuts was contingent on high compliance, three Opec sources told Reuters

Oil slips as traders eye Opec-plus meeting to extend production cuts

Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in the contract with August as the front month

Head versus heart

This is a false dichotomy, the Indian economy can be rebooted and the Covid-19 virus contained concurrently

Refiners stare at Rs 25,000 cr inventory loss as oil prices slump: Crisil

Crude prices nosedived from an average $55 per barrel in February to $33 in March and around $20 at the end of March as demand slumped because of the COVID-19 pandemic

ICICI Bank confirms exposure to Singapore-based oil trader Hin Leong

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest

Branded edible oil reaches only a few retailers, prices up as stocks fall

With hotels and food processing units still shut, and with labour and logistics hiccups, edible oil availability in April has been 1.5 million tonnes as against the usual 2 million tonnes

Amid falling global prices, US and Mexico agree to cut crude oil output

The OPEC nations have agreed to "a different limit reduction of about 23 per cent", said US President Donald Trump

Mexican standoff throws proposed 10 mn-barrel OPEC+ oil cut in doubt

The cartel, Kuwait and Saudi Arabia say Mexico's refusal to agree blocked the proposed accord

OPEC+ likely to cut oil production only if US joins efforts: Report

Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.

Covid-19: Cairn invokes force majeure on exploration; seeks relief in OALP

The company wants an extension of timelines for the blocks it won under the Open Acreage Licensing Policy (OALP) rounds

OPEC+ debates biggest-ever oil cut as Covid-19 pandemic crushes demand

The oil market was dealt a heavy blow by the freefall in demand due to the coronavirus pandemic

Regulator asks states to treat oil production as essential service

The move will help Oil and Natural Gas Corporation (ONGC), Vedanta, Reliance Industries, Oil India and Hindustan Oil Exploration Company

Coronavirus impact: The world is running out of places to store its oil

This chaotic mismatch in supply and demand has benefited consumers, who have watched gasoline prices slide lower

India's oil production in February dips 6.4% on lower private sector output

ONGC reported a 4.64% rise in production at 1.67 million tonnes as output from its offshore fields saw a pick-up

Crude collapse exposes Big Oil's weak points as valuations crash

Producers have cut costs, sold assets and canceled projects to repair balance sheets following crude's 2014-17 slump.

Market rout: India should take advantage of falling crude oil prices

Easy liquidity available earlier is drying up, debt is piling up, debt repayments are due and a lot of investors are looking for profitability and not just production growth.

'Crazy' Saudi oil price cuts seen reigniting market share war with Russia

The battle ended when the Organization of the Petroleum Exporting Countries (OPEC) and Russia struck a deal to cut production

US-Iran war could lead to rise in crude prices, threaten Gulf oil exports

If the US killing of Iranian general Qasem Soleimani on Friday leads to conflict between Washington and Tehran, oil facilities could be targeted in Gulf states

Saudi Arabia, Kuwait end 5-year-long dispute over shared oil fields

Local media reported that about 300,000 barrels per day were being pumped from the area before the dispute halted production in early 2015