Page 4 - Opec

Oil jumps $3 as OPEC-plus plans to cut oil output targets by 100,000 bpd

Oil prices have fallen in the past three months from multi-year highs hit in March, pressured by concerns that interest rate increases and Covid curbs in parts of China could dent oil demand

OPEC+ faces output dilemma amid concerns of a global economic slowdown

Recent gyrations, including a drop of more than 20% in Brent crude since early June, have prompted Riyadh to say an output cut could be necessary

Oil prices rise on hopes OPEC+ will discuss output cuts in next meet

Brent crude futures rose 66 cents to settle at $93.02 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents to settle at $86.87 a barrel

Oil firms on OPEC+ output cut bets to stem sinking prices amid weak growth

Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, but the benchmarks were still on track to post their worst weekly drop

Centre aims to boost refining capacity as fuel demand continues to rise

The oil ministry has been asked by the government to prepare a report on the country's future fuel demand and refining capacity needs

Oil prices jump over $3/barrel on prospect of OPEC-plus supply cut

Oil prices rose more than $3 a barrel on Monday, extending last week's gain, as potential OPEC+ output cuts and conflict in Libya helped to offset a strong U.S. dollar

Oil prices mixed as OPEC supply cut prospect neutralises demand fears

Oil prices were mixed on Monday as investors balanced expectations the OPEC will cut output to support prices against concerns sparked by Federal Reserve Chairman Jerome Powell

Brent crude anchored above $100 a barrel, heading for weekly gain

Brent crude futures climbed $1.53, or 1.54%, to $100.87 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.20 cents, or 1.3%, to $93.72.

Oil prices ease on possible Iran oil exports, rising interest rates

The prospect that the OPEC+ producer group could curb oil supplies limited the decline in oil prices

Oil prices climb $1 a barrel as tight supply moves back into focus

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg

India's oil demand to rise by 7.7% in 2022, fastest growing in world: OPEC

India's demand for petroleum products like petrol and diesel will grow by 7.73 per cent in 2023, the fastest pace in the world, an OPEC report said. India's demand for oil products is projected to rise from 4.77 million barrels per day (bpd) in 2022 to 5.14 million bpd in 2023, OPEC said in its monthly oil report. The growth in demand is the fastest in the world ahead of 1.23 per cent of China, 3.39 per cent of the US and 4.62 per cent of Europe. For 2023, the Organisation of Petroleum Exporting Countries (OPEC) projected a growth of 4.67 per cent in India's demand to 5.38 per cent. This, however, will be lower than 4.86 per cent growth in China. India is the world's third largest oil importing and consuming nation behind the US and China. The demand for petroleum products in India is supported by the healthy economic growth of 7.1 per cent, continuing economic reopening amid ease of COVID restrictions and easing of trade-related bottlenecks supporting both mobility and industria

Oil prices set for weekly climb, uncertain demand outlook cap gains

Brent crude futures were down 9 cents, or 0.1%, to $99.51 a barrel 0900 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 38 cents or 0.4% to $93.96 a barrel.

After a dip, oil prices on track for weekly gain as recession fears ease

Oil prices dipped in early trade on Friday amid uncertainty on demand outlook based on contrasting views from OPEC and IEA, but benchmark contracts headed for weekly gains as recession fears eased.

OPEC further lowers forecasts for global economy and oil demand in 2022

The Organisation of the Petroleum Exporting Countries has further revised down its forecasts for this year's global economic growth and oil demand, following a previous downward revision in May.

Opec cuts oil demand forecasts as economic growth slows, says report

The Vienna-based producers' group cut its forecasts for global oil demand this year by 260,000 barrels to 100.03 million barrels a day, citing the impact of slowing global economies

OPEC, unlike IEA, sees lower 2022 oil demand growth, sticks to 2023 view

In a monthly report on Thursday, OPEC said it expects oil demand to rise by 3.1 million bpd, or 3.2%, in 2022, down 260,000 bpd from the previous forecast

Oil prices rise from multi-month lows on supply shortage concerns

Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.

Russia undercuts Saudi Arabian oil in India as competition heats up

Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May

Where are Brent crude prices headed?

Prices of Brent crude oil are coming down. On Wednesday, OPEC+ decided to hike output by 100,000 barrels per day. Are they headed lower in the days to come? Let us find out

After talks with Joe Biden, Opec+ goes for 'minuscule' output hike

The cartel will add only 100,000 barrels a day of oil in September, giving a tight market extra supplies at a much slower pace than in recent months despite pressure from the White House