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oil production

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The OPEC oil cartel and allied countries said Thursday, April 1, 2021 that they have decided to add gradually back some 2 million barrels per barrel per day of oil production from May to July.(AP File Photo)

India says ‘we expect more’ as OPEC+ agrees to ease oil output cuts slightly

By hindustantimes.com | Written by Kanishka Sarkar, Hindustan Times, New Delhi
PUBLISHED ON APR 02, 2021 06:42 PM IST
  • The OPEC+ group has agreed to ease oil output by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June, and a further 400,000 bpd or so in July.
Brent crude, which slipped on news of the deal, was still trading above $63 a barrel, still more than 20% up on the start of the year. (Reuters file photo)
Brent crude, which slipped on news of the deal, was still trading above $63 a barrel, still more than 20% up on the start of the year. (Reuters file photo)

OPEC+ agrees oil output rise from May, after US call to Saudi

Reuters | , London, Dubai, Moscow
PUBLISHED ON APR 01, 2021 10:36 PM IST
Under Thursday's deal, cuts implemented by the OPEC+ would be just above 6.5 million bpd from May, compared with slightly below 7 million bpd in April.
A petrol pump employee wearing a face mask while attending to a customer in Trinagar, New Delhi.(Sanchit Khanna/HT File Photo)
A petrol pump employee wearing a face mask while attending to a customer in Trinagar, New Delhi.(Sanchit Khanna/HT File Photo)

India’s biggest oil retailers are focusing on rural revival

Bloomberg |
PUBLISHED ON MAR 01, 2021 03:30 PM IST
  • The increasing economic importance of India’s hinterlands is influencing business expansion plans and accelerating a trend of more service stations being opened in the countryside.
India today can absorb somewhat higher global oil prices, and shift focus on attracting the massive investments needed for its natural gas and renewable energy plans(REUTERS)
India today can absorb somewhat higher global oil prices, and shift focus on attracting the massive investments needed for its natural gas and renewable energy plans(REUTERS)

India’s evolving energy diplomacy | HT Editorial

Hindustan Times | By HT Correspondent
UPDATED ON DEC 09, 2020 06:42 AM IST
The real challenge for India’s energy diplomacy is preparing the ground for a post-oil future in a manner that ensures oil markets abet rather than disrupt this larger transition
An oil worker walks towards a drill rig after placing ground-monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas.(REUTERS)
An oil worker walks towards a drill rig after placing ground-monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas.(REUTERS)

Oil prices rise as storms cut US production

New York | By Reuters | Posted by Arpan Rai
PUBLISHED ON AUG 25, 2020 12:03 AM IST
Brent crude was up 68 cents, or 1.5%, at $45.03 a barrel by 1:43 p.m. EDT (1743 GMT). US West Texas Intermediate crude rose 26 cents, or 0.6%, to $42.60.
Global production cuts and the easing of lockdowns in some countries has pushed prices higher after oil plunged below zero in April.(AFP file photo. Representative image)
Global production cuts and the easing of lockdowns in some countries has pushed prices higher after oil plunged below zero in April.(AFP file photo. Representative image)

Oil slips below $39 after US crude stockpiles expand to record

By Bloomberg
PUBLISHED ON JUN 11, 2020 11:29 AM IST
Futures lost 3.2% to drop below $39 a barrel, erasing all of the gains from the previous session. US crude inventories unexpectedly rose last week, even as oil production fell, while gasoline stockpiles also saw a surprise expansion.
With uncertainty all around us, ensuring free LPG takes at least one important burden off people’s plates(PTI)
With uncertainty all around us, ensuring free LPG takes at least one important burden off people’s plates(PTI)

To counter the Covid-19 pandemic, bring more poor into the LPG net

By Kirk R Smith
UPDATED ON MAY 06, 2020 06:50 AM IST
The use of LPG brings direct health benefits. Air pollution exposure from biomass cooking fires increases the risk and severity of infection, a harmful situation particularly during the Covid-19 spread
Even if the pandemic comes to a grinding halt, the future of oil prices remains bleak(Bloomberg)
Even if the pandemic comes to a grinding halt, the future of oil prices remains bleak(Bloomberg)

There is an oil deal. But India need not worry| HT Editorial

Hindustan Times | By HT Correspondent
PUBLISHED ON APR 14, 2020 06:29 PM IST
Production cuts have pushed up oil prices, but conditions still favour buyers
Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel(Reuters File Photo)
Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel(Reuters File Photo)

Oil surges again after Trump threatens Iraq sanctions

Singapore | By Reuters
UPDATED ON JAN 06, 2020 05:30 PM IST
The gains extended Friday’s more-than-3% surge after a US air strike in Iraq killed top Iranian commander Qassem Soleimani on Friday. The killing has heightened concerns of a widening Middle East conflict that could disrupt oil supplies from a region that accounts for nearly half of the world’s oil production.
The eight core industries recorded 5.2 per cent decline in September year-on-year, mirroring further slowdown in the economy, according to government data released on Thursday.(Reuters image)
The eight core industries recorded 5.2 per cent decline in September year-on-year, mirroring further slowdown in the economy, according to government data released on Thursday.(Reuters image)

Core sector output declines by 5.2% in September 2019

New Delhi | By Asian News International
UPDATED ON OCT 31, 2019 06:07 PM IST
The index was dragged down by coal mining which came in at minus 20.5 per cent. The figures for the same month last year stood at 4.3 per cent.
Workers at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia on September 20, 2019.(Reuters File Photo)
Workers at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia on September 20, 2019.(Reuters File Photo)

Saudi Arabia to restore full oil output by next week: Report

London | By Reuters
UPDATED ON SEP 24, 2019 06:16 AM IST
The September 14 attacks on the two giant oil facilities in Saudi Arabia caused raging fires and damage that halved the crude output of the world’s top oil exporter, by shutting down 5.7 million barrels per day of production.
Riyadh pumps some 9.9 million barrels per day (bpd) of which around 7.0 million bpd are exported, mostly to Asian markets.(AP Photo)
Riyadh pumps some 9.9 million barrels per day (bpd) of which around 7.0 million bpd are exported, mostly to Asian markets.(AP Photo)

Saudi Arabia says oil output to be restored by end of September

Jeddah | By Agence France-Presse
UPDATED ON SEP 18, 2019 10:38 AM IST
Energy Minister Prince Abdulaziz bin Salman, who was only appointed to the role earlier this month, said that the world’s top energy exporter had dipped into its strategic reserves to maintain supply to clients.
A satellite image shows an apparent drone strike on an Aramco oil facility in Abqaiq, Saudi Arabia September 14, 2019.(Planet Labs Inc via REUTERS)
A satellite image shows an apparent drone strike on an Aramco oil facility in Abqaiq, Saudi Arabia September 14, 2019.(Planet Labs Inc via REUTERS)

Saudi Arabia to invite UN experts to investigate oil attack

Riyadh | By Reuters
PUBLISHED ON SEP 17, 2019 10:22 AM IST
Preliminary investigations showed that Iranian weapons were used in the attack, which knocked out more than half of Saudi Arabia’s oil production and damaged the world’s biggest crude processing plant, the ministry statement said.
Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia on September 14, 2019.(Reuters Photo)
Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia on September 14, 2019.(Reuters Photo)

Saudi oil output cut in half after drones strike Aramco site

Bloomberg | By Nayla Razzouk and Javier Blas
UPDATED ON JUN 30, 2020 12:27 AM IST
About 50% of Saudi Arabia’s oil production, representing about 5.7 million barrels per day, has been halted for now due, SPA news agency said, citing the kingdom’s Energy Minister Abdulaziz bin Salman
An offshore drilling platform at Manifa , operated by Saudi Aramco. The company on Monday published its first ever profit figures revealing that Ghawar oilfield pumps a maximum of 3.8 million barrels a day -- well below the more than 5 million that had become conventional wisdom in the market.(Bloomberg file photo)
An offshore drilling platform at Manifa , operated by Saudi Aramco. The company on Monday published its first ever profit figures revealing that Ghawar oilfield pumps a maximum of 3.8 million barrels a day -- well below the more than 5 million that had become conventional wisdom in the market.(Bloomberg file photo)

The biggest Saudi oil field is fading faster than anyone guessed

By Bloomberg
UPDATED ON APR 03, 2019 08:55 AM IST
Ghawar in Saudi Arabia, the world’s largest conventional oil field, can produce a lot less than almost anyone believed.
High U.S. crude oil production, which rose to a record 11.9 million barrels per day (bpd) late last year, has been weighing on oil markets, traders said(REUTERS)
High U.S. crude oil production, which rose to a record 11.9 million barrels per day (bpd) late last year, has been weighing on oil markets, traders said(REUTERS)

Oil falls on increased US rig count, China industrial slowdown

Singapore | By Reuters
UPDATED ON JAN 28, 2019 03:33 PM IST
Oil prices fell 1 percent on Monday after US companies added rigs for the first time this year, a signal that crude output may rise further, and as China, the world’s second-largest oil user, reported additional signs of an economic slowdown.
A look at recent trends in the oil economy suggests that OPEC might be losing its historical dominance.(Bloomberg/ Rwpresentative Image)
A look at recent trends in the oil economy suggests that OPEC might be losing its historical dominance.(Bloomberg/ Rwpresentative Image)

Will OPEC production cut lead to an increase in crude prices?

Hindustan Times, New Delhi | By Vineet Sachdev
UPDATED ON DEC 10, 2018 06:57 PM IST
In November 2016, OPEC countries, along with Russia, decided to reduce their crude oil production by around 1.5 million barrels per day (mbd).
Khalid Al-Falih, Saudi Energy and Oil Minister. OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia’s oil minister said on Thursday.(AFP)
Khalid Al-Falih, Saudi Energy and Oil Minister. OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia’s oil minister said on Thursday.(AFP)

OPEC seeking ‘sufficient cut’ to balance oil market, says Saudi Arabia

By Agencies
UPDATED ON DEC 06, 2018 04:53 PM IST
OPEC members are meeting to agree on their response to recent declines in oil prices, with analysts predicting a cut in production of at least 1 million barrels per day.
The government has constituted a six-member committee to look at selling as many as 149 small and marginal oil and gas fields of state-owned ONGC and OIL.(REUTERS)
The government has constituted a six-member committee to look at selling as many as 149 small and marginal oil and gas fields of state-owned ONGC and OIL.(REUTERS)

Government forms six-member panel to look at selling 149 fields of ONGC, OIL to pvt companies

New Delhi | By Press Trust of India
PUBLISHED ON DEC 02, 2018 01:37 PM IST
At the meeting, the Oil Ministry made a presentation showing that 149 smaller fields of Oil and Natural Gas Corp (ONGC), Oil India Ltd (OIL) and other explorers accounted for just 5 per cent of the domestic crude oil production.
Oil pumps are seen after sunset outside Vaudoy-en-Brie, near Paris. Oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus.(Reuters File Photo)
Oil pumps are seen after sunset outside Vaudoy-en-Brie, near Paris. Oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus.(Reuters File Photo)

Oil prices hit year low as OPEC considers output cut

Reuters | By Reuters
PUBLISHED ON NOV 23, 2018 07:31 PM IST
Oil production has surged this year. The International Energy Agency expects non-OPEC output alone to rise by 2.3 million bpd this year. Oil demand next year, meanwhile, is expected to grow by 1.3 million bpd.
Prime Minister Narendra Modi said on Monday that oil-consuming countries face many economic challenges.(Reuters File Photo)
Prime Minister Narendra Modi said on Monday that oil-consuming countries face many economic challenges.(Reuters File Photo)

At meeting with global oil majors, PM Modi’s pitch for easing payment terms

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON OCT 15, 2018 05:28 PM IST
Though there is enough oil production, the unique features of marketing in the oil sector have pushed up the oil prices, says Prime Minister Narendra Modi.
An oil tank at the Saudi Aramco headquarters at Damam city.(Reuters File Photo)
An oil tank at the Saudi Aramco headquarters at Damam city.(Reuters File Photo)

Saudi ready to pump more oil to balance market: King Salman

Agence France-Presse, Riyadh | By HT Correspondent
PUBLISHED ON JUL 03, 2018 09:08 PM IST
Saudi Arabia, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world and is the only country that can add substantial supply to the market.
Swiss President Alain Berset and Iranian President Hassan Rouhani gesture after they deliver a statement after a two day visit in Bern, Switzerland, July 3, 2018.(REUTERS)
Swiss President Alain Berset and Iranian President Hassan Rouhani gesture after they deliver a statement after a two day visit in Bern, Switzerland, July 3, 2018.(REUTERS)

US plan to end Iranian oil exports ‘a fantasy’: Rouhani

Geneva | By Agence France-Presse
UPDATED ON JUL 03, 2018 08:08 PM IST
Washington has said it wants to pressure Iran to change its behaviour by taking away all revenue Tehran generates from crude sales, part of the confrontational approach adopted by President Donald Trump, who pulled out of the historic nuclear pact in May.
Hassan Rouhani, Iran's president, speaks during a news conference in Bern, Switzerland, on Tuesday, July 3.(Stefan Wermuth/Bloomberg)
Hassan Rouhani, Iran's president, speaks during a news conference in Bern, Switzerland, on Tuesday, July 3.(Stefan Wermuth/Bloomberg)

Iran issues oil warning as UAE says production can rise

Associated Press, Tehran | By Associated Press
UPDATED ON JUL 03, 2018 05:57 PM IST
The US pulled out of the Iran nuclear deal in May and initially said it wanted allies to stop buying Iranian crude entirely. The State Department said Monday it would examine waivers on a “case-by-case basis” as it re-imposes sanctions.
Bijan Namdar Zanganeh, Iran's petroleum minister, speaks to reporters ahead of the 174th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria.(Stefan Wermuth/Bloomberg)
Bijan Namdar Zanganeh, Iran's petroleum minister, speaks to reporters ahead of the 174th Organization Of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria.(Stefan Wermuth/Bloomberg)

OPEC reaches in-principle agreement with Iran for oil output boost

Bloomberg | By Golnar Motevalli, Javier Blas and Wael Mahdi
UPDATED ON JUN 22, 2018 06:34 PM IST
The preliminary accord allows for an additional 600,000 barrels a day of oil to flow onto the market, about 0.5% of global supply, according to a delegate at the OPEC meet in Vienna. That reflects a 1 million barrel-a-day adjustment on paper to the production cuts.
OPEC and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day - the actual increase will be smaller as several countries are unable to raise output.(Stefan Wermuth/Bloomberg)
OPEC and its allies reached a preliminary agreement in the face of strong opposition from Iran to boost production by a theoretical 1 million barrels a day - the actual increase will be smaller as several countries are unable to raise output.(Stefan Wermuth/Bloomberg)

OPEC proposes pact to raise oil production despite Iran walkout

Bloomberg | By Grant Smith , Elena Mazneva , Annmarie Hordern and Salma El Wardany
UPDATED ON JUN 22, 2018 04:01 PM IST
The Joint Ministerial Monitoring Committee, which includes Russia and Saudi Arabia, recommended a supply boost despite the Iranian oil minister walking out of the meeting.
Read on for practical hair care rules.(Shutterstock)
Read on for practical hair care rules.(Shutterstock)

Beauty tips, 10 super easy ways to get shiny, soft hair

Indo Asian News Service, New Delhi | By Indo Asian News Service
UPDATED ON JUN 14, 2018 10:42 AM IST
Taking care of your hair doesn’t always involve an elaborate ritual. Sometimes, all you need is to master a few basic dos and dont’s. Here they are.
A tanker truck used to haul oil products drives away from an oil facility near Brooks, Alberta, Canada.(REUTERS File Photo)
A tanker truck used to haul oil products drives away from an oil facility near Brooks, Alberta, Canada.(REUTERS File Photo)

Oil slips on signs Russia boosted crude output before OPEC meet

Bloomberg | By Tsuyoshi Inajima and Grant Smith
PUBLISHED ON JUN 11, 2018 04:38 PM IST
Oil is near a two-month low after Saudi Arabia and Russia indicated they’re ready to restore production in the second half of this year to offset potential supply disruptions in Iran and Venezuela.
Till now, only the Cabinet headed by the Prime Minister had the powers to approve award of a block or area for exploration and production of oil and gas.(Reuters/Photo for representation)
Till now, only the Cabinet headed by the Prime Minister had the powers to approve award of a block or area for exploration and production of oil and gas.(Reuters/Photo for representation)

Oil, finance ministers can now award oil blocks

Press Trust of India, New Delhi | By HT Correspondent
UPDATED ON APR 11, 2018 06:36 PM IST
Step to quicken award of licences for bids due on May 2.
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