Page 3 - Opec

OPEC's sovereign right to decide on oil production: Hardeep Singh Puri

It's the sovereign right of the Organization of Petroleum Exporting Countries to decide on the oil production capacities, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said Friday. Refraining from commenting on the controversial decision of OPEC on cutting oil production by two million barrels a day, which has taken the world by surprise, Puri said it is likely to be scrutinized very carefully. During an interaction with a group of Indian reporters, he said that India as one of the major consumers of oil and gas also has a major say in the global oil market. "India is not a part of OPEC. India is at the receiving end of OPEC decisions..., he said in response to a question. I have always traditionally taken the view, it is their sovereign right to decide what they wish to do, how much oil they want to produce and how much they want to put into the market, Puri said when asked about the decision of OPEC countries to cut oil production. But I always say that all of t

Confident India will navigate through OPEC+ production cut: Hardeep Puri

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Friday said that India will navigate through the OPEC+ decision to cut oil production from November

OPEC+ production cut ahead of winter puts India on a slippery slope

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

Oil prices to top $100 per barrel mark on OPEC+ output cut: Analysts

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.

Analysts expect fuel prices to go up if global prices rise further

Brent crude oil prices remained near three-week highs of $92.9 per barrel as of late Thursday

Oil extends gains to three-week high as OPEC+ agrees to slash crude output

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

OPEC+ heads for clash with US, deep supply cuts to boost sagging prices

The potential OPEC+ cut could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago due to fears of a global economic recession, rising US rates and a stronger USD

Oil maintains most of recent gains asf OPEC+ heads for deep supply cuts

Oil has risen so far this week in anticipation of the largest output cut by OPEC+ since the depths of the COVID-19 pandemic in 2020, said Fiona Cincotta, senior financial markets analyst at City Index

Oil prices inch lower ahead of a meeting of OPEC+ producers on supply cut

Oil prices moderated very slightly on Wednesday after gaining more than 3% in the previous session ahead of a meeting of OPEC+ producers to discuss a big cut in crude output

OPEC+ considers output-limit cut of as much as 2 million barrels a day

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington

Oil prices edge up ahead of OPEC+ meeting to discuss supply cuts

U.S. crude futures rose 46 cents, or 0.6%, to $84.09 a barrel, having gained more than 5% in the previous session.

OPEC+ production cut poses new threat to Joe Biden as election nears

More than a month after tweeting he had vanquished "Putin's price hike at the pump," Biden faces forces that even the US government can't match.

Oil jumps nearly $4 as OPEC+ weighs biggest output cut since 2020

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 jumps more than 3% in Asian trade as OPEC+ mulls cuts up to 1 mn bpd

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

OPEC+ to hold first in-person ministerial meeting in Vienna since 2020

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation

Oil prices rise after nine-month lows as focus shifts to OPEC+ supply cuts

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

Explained: How have India's crude import sources changed over time?

The top three countries have changed significantly before and after the military action in Ukraine

Mkts settle modestly lower in volatile trade; Bajaj Finserv biggest laggard

After rising over 320 points in intra-day trade, the 30-share BSE Sensex pared all gains to settle 48.99 points or 0.08 per cent lower at 59,196.99.

OPEC+ cuts oil output, gas prices soar: What's next for investors?

OPEC+ meeting: While analysts said the current output cut is insignificant to move the needle on oil prices, they cautioned that more output cuts may push oil prices higher, impacting India

Opec+ to cut crude oil output by 100k barrels per day from October

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.