Page 3 - Oil Production
Global traders to reduce Russian oil purchases from May 15: Report
LONDON (Reuters) -Major global trading houses are planning to reduce crude and fuel purchases from Russia's state-controlled oil companies as early as May 15, sources said, to avoid falling foul of European Union sanctions on Russia.
 "Global traders to reduce Russian oil purchases from May 15: Report")
IOC unit to release 6,000 MT diesel to help ease power crisis in Lanka
Power cuts lasting over 13 hours came to be in place on Thursday, the longest cut since 1996 when a strike by the state power entity employees caused a 72-hour black out
 "IOC unit to release 6,000 MT diesel to help ease power crisis in Lanka")
Oil prices dive as US considers record reserve release of 180 mn barrels
Brent crude futures for May fell $4.87, or 4.3%, to $108.58 a barrel by 0855 GMT
OPEC likely to stick to modest oil boost despite war jitters
Analysts expect the group, known as OPEC+, to stay on its schedule of gradual increases to restore production cuts made during the depths of the coronavirus pandemic in 2020
 "OPEC likely to stick to modest oil boost despite war jitters")
Vedanta to invest $1.5 bn across oil, zinc, steel businesses
Billionaire Anil Agarwal's Vedanta Ltd on Friday said it will invest USD 1.5 billion across its oil and gas, zinc and steel businesses. Its board at a meeting on Friday approved USD 687 million capital spending for drilling of new wells at the firm's oil and gas unit, Cairn Oil & Gas, Vedanta said in a stock exchange filing. It also approved a USD 466 million phase-2 expansion of the Gamsberg zinc project in South Africa and another USD 348 million for steel expansion. The USD 687 million "capex investment is towards infill wells, development and exploration. The strategic priority for the Cairn Oil & Gas business is to increase near-term volume through infill wells and add resources through exploration," the filing said. It said that USD 360 million have been earmarked for infill wells in the prolific fields viz Mangala, Bhagyam, Aishwariya, Aishwariya Barmer Hill (all in Rajasthan block) and Ravva in eastern offshore. "The exploration work programme with capex investment of .
 "Vedanta to invest $1.5 bn across oil, zinc, steel businesses")
European Union to mull Russian oil embargo with Biden set to join talks
EU governments will take up the discussion among foreign ministers on Monday, before Biden arrives in Brussels on Thursday for summits with NATO's 30 allies
European Union to mull Russian oil embargo with Biden set to join talks
EU governments will take up the discussion among foreign ministers on Monday, before Biden arrives in Brussels on Thursday for summits with NATO's 30 allies
 "European Union to mull Russian oil embargo with Biden set to join talks")
Oil prices headed for weekly loss, but stay well above $100 a barrel
U.S. West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.2 per cent, at $103.15 a barrel, adding to an 8 per cent jump on Thursday
Ukraine conflict: Canada bans imports of oil products from Russia
Canada is banning imports of oil products from Russia, the Canadian government announced on Friday.
 "Ukraine conflict: Canada bans imports of oil products from Russia")
Oil falls 5% on speculation US Russia oil ban won't add to supply shock
Oil also fell as the head of the IEA described the agency's decision to release 60 million barrels of oil from strategic reserves as 'an initial response' and said that more could be released
MEIL wins order for 47 oil and gas rigs from ONGC, to commission 15 by May
'In spite of Covid-19, MEIL is committed to completing the project with its expertise, dedication and hard work'
 "MEIL wins order for 47 oil and gas rigs from ONGC, to commission 15 by May")
Libya's oil company says production resumed at largest field after 3 days
The closure of the two fields caused Libya's daily oil production to drop by 330,000 barrels, the NOC said
 "Libya's oil company says production resumed at largest field after 3 days")
OPEC, allies weigh oil output amid steep hikes, Russian invasion
The OPEC+ coalition of oil producers led by Saudi Arabia and non-cartel members led by Russia are weighing whether to increase oil production by 400,000 barrels per day in April
 "OPEC, allies weigh oil output amid steep hikes, Russian invasion")
Oil prices take breather as Russia advances further on Ukraine
U.S. West Texas Intermediate (WTI) crude were down 30 cents, or 0.3%, to $92.51 a barrel, after hitting a session high of $95.64
 "Oil prices take breather as Russia advances further on Ukraine")
Oil at $103: No fears of supply disruption to India, prices a concern
Brent crude rose to as much as USD 103.78 a barrel, the highest since August 14, 2014, and was at USD 103.40 at 1500 hrs, up USD 6.71, or 6.93 per cent
 "Oil at $103: No fears of supply disruption to India, prices a concern")
Russia-Ukraine tensions keep crude elevated; negative for net importers
Brent-indexed crude oil prices traded at $94-$95 per barrel, which is at its multi-year high
 "Russia-Ukraine tensions keep crude elevated; negative for net importers")
Oil price set to test fresh peaks barring Iran breakthrough
Hitting just under $100 a barrel on Tuesday, international crude prices are still a way off the all-time peak of more than $147 hit in July 2008
Oil prices rise as tight market looks to Russian-Western diplomacy
Brent crude futures rose 25 cents, or 0.3%, to $93.79 a barrel at 1000 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 35 cents, or 0.4%, to $91.42 a barrel
Oil extends losses as heads for weekly fall on Iranian oil hopes
There is little chance of Iranian crude returning to the market in the immediate future to ease current supply tightness, analysts said
