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Due to a spike in international oil rates, petrol and diesel have become costlier by <span class='webrupee'>₹</span>7.36 and <span class='webrupee'>₹</span>7.57 per litre, respectively, since May 4.(Reuters)

India asks OPEC to restore oil supply to calm inflation

By Rajeev Jayaswal, Hindustan Times, New Delhi
UPDATED ON JUN 25, 2021 06:09 AM IST
In a consultation meeting with Mohammed Sanusi Barkindo, OPEC secretary general, Union minister Dharmendra Pradhan flagged concerns over the increasing crude oil prices and its impact on consumers.
Rising Covid‑19 cases, particularly in Brazil, also weighed on the demand outlook, and a stronger U.S. dollar pressured oil prices.(REUTERS)
Rising Covid‑19 cases, particularly in Brazil, also weighed on the demand outlook, and a stronger U.S. dollar pressured oil prices.(REUTERS)

Oil slump deepens as Europe faces pandemic lockdowns

Reuters | , Tokyo
PUBLISHED ON MAR 19, 2021 07:46 AM IST
Prices plunged the most on Thursday since last summer, leaving oil down nearly 10% this week with the reality that the pandemic is abiding, even if infections have plummeted in the U.S., the worst-hit country and biggest crude consumer.
An aerial drone view of a crude oil storage facility on April 23, 2020 in Cushing, Oklahoma. Governor Stitt has said that ‘over-production of oil continues to threaten the economy.’(AFP)
An aerial drone view of a crude oil storage facility on April 23, 2020 in Cushing, Oklahoma. Governor Stitt has said that ‘over-production of oil continues to threaten the economy.’(AFP)

Oklahoma guv asks Trump to declare Covid-19 ‘act of God’ to help oil producers

Reuters | By Reuters
UPDATED ON APR 27, 2020 02:53 PM IST
Covid-19 Update: Oklahoma’s energy regulator said on Wednesday that producers could close money-losing wells without losing their leases, the first victory for struggling US oil companies seeking relief from states after the market crash.
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