Oil Production

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

Russian war, China lockdowns roil oil markets as OPEC+ meets

Analysts expect the 23-country alliance known as OPEC+ to stick with a set schedule of modest increases in production, amounting to 432,000 additional barrels of oil per day in June

Russia has no objection to earlier OPEC Plus meeting; Saudi Arabia to extend record cuts till year-end: Report

Algeria, which currently holds the presidency of the the Organization of the Petroleum Exporting Countries (OPEC), has proposed the meeting planned for 9-10 June be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait.

Oil prices fall 1% as persistent glut weighs on rates; demand plummets 30%, virus pandemic curtails movement

The coronavirus pandemic has eroded global oil demand even as some governments began to ease lockdowns.

Oil price collapse in US not to lead to any big drop in petrol, diesel prices in India, say experts

The historic rout in oil markets that sent US crude prices plummeting to as much as minus $40 a barrel is unlikely to translate into any big reduction in petrol and diesel prices in India as domestic pricing is based on the different benchmark, and refineries are already filled up to brim and cannot buy US crude just yet

Oil prices fall a third day; Brent crude heading for worst week since 1991 as plunging demand from virus outbreak grips market

Oil prices were also impacted by record declines in equity markets with Japan’s Nikkei 225 falling by 10 percent on Friday after US markets fell by the most since Black Monday in 1987 on Thursday

Saudi Aramco: From 'Prosperity Well' to energy giant, oil company lands in crisis after persistent attacks; IPO plans suffer setback

From the 1990s, Aramco invested hundreds of billions of dollars in massive expansion projects, raising its oil output capacity to over 12 million bpd, besides making bold international acquisitions and JVs.

OPEC looks to cut oil production to support falling price; key ally Russia likely to agree, say analysts

Experts say this week's meeting of the OPEC will influence the price of oil over the coming months.

Vedanta moves Delhi High Court against Centre's notice to OMCs on allocation of oil sale proceeds

The Delhi High Court on Monday sought response of the Centre on Vedanta Ltd's plea challenging its notice to oil marketing companies (OMCs) not to forward to the company its share of the proceeds from sale of petroleum products

Govt expresses happiness over OPEC decision to raise oil production by 1 million barrels per day

OPEC last week agreed to boost oil production after consumers from the US to India and China expressed anxiety over rising prices