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Wildfires in Canada's Alberta force oil output shutdowns

Canada wildfires: Alberta declared a state of emergency on Saturday in response to wildfires that have displaced nearly 30,000 people.

Canada struggled on Monday to control wildfires that have forced thousands to flee, halted oil production and threaten to raze towns. (AFP)
Published on May 09, 2023 05:44 AM IST
Reuters |

Morning brief: Saudi, Russia plan to cut oil production. Will it impact India?

Here are today’s top news, analysis, and opinion. Know all about the latest news and other news updates from Hindustan Times.

People walk by an oil refinery operated by Bharat Petroleum Corp. Ltd., in Mumbai, India.(Bloomberg)
Published on Apr 12, 2023 08:57 AM IST

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

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.

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)
Published on Apr 02, 2021 06:42 PM IST
By | Written by Kanishka Sarkar, Hindustan Times, New Delhi

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

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.

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)
Published on Apr 01, 2021 10:36 PM IST
Reuters | , London, Dubai, Moscow

India’s biggest oil retailers are focusing on rural revival

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.

A petrol pump employee wearing a face mask while attending to a customer in Trinagar, New Delhi.(Sanchit Khanna/HT File Photo)
Published on Mar 01, 2021 03:30 PM IST
Bloomberg |

India’s evolving energy diplomacy | HT Editorial

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

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)
Updated on Dec 09, 2020 06:42 AM IST
Hindustan Times | By

Oil prices rise as storms cut US production

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.

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)
Published on Aug 25, 2020 12:03 AM IST
New York | ByReuters | Posted by Arpan Rai

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

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.

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)
Published on Jun 11, 2020 11:29 AM IST

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

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

With uncertainty all around us, ensuring free LPG takes at least one important burden off people’s plates(PTI)
Updated on May 06, 2020 06:50 AM IST
ByKirk R Smith

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

Production cuts have pushed up oil prices, but conditions still favour buyers

Even if the pandemic comes to a grinding halt, the future of oil prices remains bleak(Bloomberg)
Published on Apr 14, 2020 06:29 PM IST
Hindustan Times | By

Oil surges again after Trump threatens Iraq sanctions

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.

Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel(Reuters File Photo)
Updated on Jan 06, 2020 05:30 PM IST
Singapore | ByReuters

Core sector output declines by 5.2% in September 2019

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.

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)
Updated on Oct 31, 2019 06:07 PM IST
New Delhi | ByAsian News International

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

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.

Workers at the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia on September 20, 2019.(Reuters File Photo)
Updated on Sep 24, 2019 06:16 AM IST
London | ByReuters

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

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.

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)
Updated on Sep 18, 2019 10:38 AM IST
Jeddah | ByAgence France-Presse

Saudi Arabia to invite UN experts to investigate oil attack

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.

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)
Published on Sep 17, 2019 10:22 AM IST
Riyadh | ByReuters

Saudi oil output cut in half after drones strike Aramco site

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

Smoke is seen following a fire at Aramco facility in the eastern city of Abqaiq, Saudi Arabia on September 14, 2019.(Reuters Photo)
Updated on Jun 30, 2020 12:27 AM IST
Bloomberg | ByNayla Razzouk and Javier Blas

The biggest Saudi oil field is fading faster than anyone guessed

Ghawar in Saudi Arabia, the world’s largest conventional oil field, can produce a lot less than almost anyone believed.

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)
Updated on Apr 03, 2019 08:55 AM IST

Oil falls on increased US rig count, China industrial slowdown

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.

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)
Updated on Jan 28, 2019 03:33 PM IST
Singapore | ByReuters

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

In November 2016, OPEC countries, along with Russia, decided to reduce their crude oil production by around 1.5 million barrels per day (mbd).

A look at recent trends in the oil economy suggests that OPEC might be losing its historical dominance.(Bloomberg/ Rwpresentative Image)
Updated on Dec 10, 2018 06:57 PM IST
Hindustan Times, New Delhi | ByVineet Sachdev

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

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.

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)
Updated on Dec 06, 2018 04:53 PM IST

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

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.

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)
Published on Dec 02, 2018 01:37 PM IST
New Delhi | ByPress Trust of India

Oil prices hit year low as OPEC considers output cut

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.

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)
Published on Nov 23, 2018 07:31 PM IST
Reuters | ByReuters

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

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.

Prime Minister Narendra Modi said on Monday that oil-consuming countries face many economic challenges.(Reuters File Photo)
Updated on Oct 15, 2018 05:28 PM IST
Hindustan Times, New Delhi | By

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

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.

An oil tank at the Saudi Aramco headquarters at Damam city.(Reuters File Photo)
Published on Jul 03, 2018 09:08 PM IST
Agence France-Presse, Riyadh | By

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

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.

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)
Updated on Jul 03, 2018 08:08 PM IST
Geneva | ByAgence France-Presse

Iran issues oil warning as UAE says production can rise

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.

Hassan Rouhani, Iran's president, speaks during a news conference in Bern, Switzerland, on Tuesday, July 3.(Stefan Wermuth/Bloomberg)
Updated on Jul 03, 2018 05:57 PM IST
Associated Press, Tehran | ByAssociated Press

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

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.

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)
Updated on Jun 22, 2018 06:34 PM IST
Bloomberg | ByGolnar Motevalli, Javier Blas and Wael Mahdi

OPEC proposes pact to raise oil production despite Iran walkout

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.

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)
Updated on Jun 22, 2018 04:01 PM IST
Bloomberg | ByGrant Smith , Elena Mazneva , Annmarie Hordern and Salma El Wardany

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

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.

Read on for practical hair care rules.(Shutterstock)
Updated on Jun 14, 2018 10:42 AM IST
Indo Asian News Service, New Delhi | ByIndo Asian News Service

Oil slips on signs Russia boosted crude output before OPEC meet

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.

A tanker truck used to haul oil products drives away from an oil facility near Brooks, Alberta, Canada.(REUTERS File Photo)
Published on Jun 11, 2018 04:38 PM IST
Bloomberg | ByTsuyoshi Inajima and Grant Smith
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