Oil Prices

How a drawn-out Israel-Hamas war could hurt the Indian economy

If a protracted war between Israel and the Hamas attracts more West Asian nations, especially Iran, then India needs to worry. New Delhi is among the top crude importers and a prolonged conflict is expected to spur a surge in oil prices. Inflation pressure could further weaken the rupee

Oil producers' cuts could boost gasoline prices, help Russia

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe

Oil’s Not Well: Why OPEC+ has cut oil production and how it could affect countries

OPEC+, the group of oil producers led by Saudi Arabia, announced a cut of more than one million barrels per day from May until the end of the year. While it said the move was aimed at maintaining stability, many experts believe it is a sign of Riyadh’s independence from Washington

Saudi Arabia to cut oil production by 500,000 barrels per day until the end of 2023

The earlier cuts — of some 2 million barrels a day — had come on the eve of US midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis

Oil bounces off session lows, steadies on hopes for China demand

Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised.

OPEC+ makes big oil production cut to boost prices despite US pressure; pump costs may rise

Energy ministers meeting at the Vienna headquarters of the OPEC cut production by a larger-than-expected 2 million barrels per day starting in November. The OPEC+ decision could help alliance member Russia weather a looming European ban on oil imports

Spike in oil price is breaking India's back, says EAM Jaishankar in US

Addressing a joint press conference with US Secretary of State Antony Blinken after holding bilateral talks, Jaishankar said there is a very deep concern among developing countries about how their energy needs are addressed

No cuts in fuel prices despite international oil costs hitting seven-month low

Oil companies froze retail prices in April to help the government manage inflation which had already peaked at a multi-year high, incurring a combined net loss of Rs 18,480 crore in the June quarter

OPEC+ countries cut oil production as prices fall

Oil producers such as Saudi Arabia have resisted calls from US president Joe Biden to pump more oil to lower gasoline prices and the burden on consumers

Edible oil prices down by Rs 15 to 25 per litre, record rise in procurement of oilseeds

The retail prices of packed mustard oil which were above Rs 200 per litre in March 2022 are now around Rs 184 per litre