Page 6 - Oil Production

Oil prices edge lower as US pushes OPEC to boost crude output

Prices were also under pressure from concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries.

OPEC+ likely to keep oil output policy from Sept unchanged, say sources

OPEC+ is likely to keep its oil output policy unchanged when the group meets on Wednesday and continue with its planned modest production increase, three OPEC+ sources told Reuters

India's crude oil production continues to fall, dips 3.2% in July

India's crude oil production continued its declining trend, falling by over 3 per cent in July as state-owned ONGC produced less than the target. The country's crude oil production declined by 3.2 per cent in July to 2.5 million tonnes when compared with the previous year, and by 3.37 per cent in April-July to 9.9 million tonnes, according to data released by the Ministry of Petroleum and Natural Gas on Tuesday. Oil and Natural Gas Corporation (ONGC), the nation's largest oil and gas producer, produced 1.6 million tonnes of crude in July. This was 4.2 per cent lower than last year and 3.8 per cent less than the target of 1.7 million tonnes. During April-July, ONGC's oil output fell 4.8 per cent to 6.4 million tonnes. Natural gas production showed a contrasting trend. Helped by KG-D6 fields of Reliance-BP, gas production rose 18.36 per cent year-on-year to 2.9 billion cubic metres and by almost 20 per cent in April-July to 11 bcm. While gas production from ONGC's fields fell over 1

Oil rises but set for 5% weekly drop as Delta variant of Covid-19 spreads

Brent crude futures rose 24 cents or 0.4% to $66.69 a barrel at 0635 GMT, after dropping 2.6% on Thursday to its lowest close since May.

Oil drops towards $66, lowest since May on demand concerns amid Covid surge

Rising Covid cases fuel fears over slower demand; stronger dollar as Fed on track to taper this year weighs

ONGC seeks partners to raise production from 43 oil, gas fields

State-owned Oil and Natural Gas Corp (ONGC) on Thursday invited bids from private companies for handing over operations of 43 small and marginal oil and gas fields with a view to raising production.

Crude oil prices drop amid faltering demand outlook in China

Brent crude was down 58 cents, or 0.8%, at $70.01 a barrel by 0943 GMT. US oil fell by 64 cents, or 0.9%, to $67.80. Both contracts dropped by more than $1 earlier in the session

Oil holds above $70 despite forecasts for weaker demand growth

Brent crude was down 18 cents, or 0.2per cent, at US$71.13 a barrel by 1332 GMT. US crude lost 14 cents, or 0.2per cent, to trade at US$68.95. Over the week the benchmarks are up less than 1per cent

Crude oil prices steady as IEA warns of slowdown in demand recovery

Brent crude futures was down 26 cents, or 0.36%, at $71.18 a barrel by 11212 GMT, after earlier rising to a session-high of $71.90.

Crude oil prices slip, rebound runs out of steam on demand worries

Brent crude oil futures shed 5 cents, or 0.1%, to $72.84 a barrel, as of 0309 GMT. US West Texas Intermediate (WTI) crude was down 8 cents, or 0.1%, at $71.18 a barrel.

Hindustan Oil set to turn a discovered small field success story

The company is expected to start production from the block during the third quarter of the current financial year

Petrol, diesel prices unchanged; here are the prices in your city today

In New Delhi, petrol is selling at Rs 101.84 per litre. In Mumbai, the price stands at Rs 107.83

India takes up high oil prices with OPEC, producers, demands low rate

India has taken up the issue of high oil prices with producer nations and OPEC, demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha on Monday.

Crude set for worst week since March on OPEC+ anxiety, shows data

Futures in New York fell 0.6 per cent toward $71 a barrel after closing at the lowest in a month on Thursday

ONGC's existential problem: India's exploration conglomerate running empty

India's dependence on imported oil and gas is rising steadily but the country's premier exploration conglomerate is running on empty

Oil slips after hitting 2018 high with market poised to tighten

Futures in New York traded near $75 a barrel after rising 1.6% on Tuesday

Oil prices fall in volatile trade as investors seek OPEC+ clarity

Oil prices fell more than $1 a barrel on Wednesday in another seesaw trading session, as investors feared what this week's collapse in Opec+ talks meant for worldwide production

UAE rebuffs plan by OPEC, allies to extend production pact

UAE on Sunday pushed back against a plan by the OPEC oil cartel and allied producing countries to extend the global pact to cut oil production beyond April 2022 revealing country's frustration

Why PM's goal on raising oil and gas production will be unattained in 2022

Modi aimed at lowering it by at least 10 per cent by 2022 - to coincide with the platinum jubilee of India's independence

Oil prices climb with Opec+ signalling more gradual supply hike

Futures in New York rose as much as 3.7 per cent on Thursday to the highest intraday level since 2018