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India imports more than 80% crude it processes and in 2019-20 it imported 227 million tonnes of crude oil worth over $101 billion.(REUTERS)

India looks to counter OPEC+ with new links

By Rajeev Jayaswal, Hindustan Times, New Delhi
PUBLISHED ON APR 06, 2021 02:55 AM IST
  • In order to negotiate better terms with oil producers, public sector oil marketing companies (OMCs) have been advised to leverage their collective bargaining power for long-term oil supply contracts and also rope in private refiners, the officials added.
Investors are expecting China to release positive economic data on Monday, supporting forecasts of stronger growth at the world's second largest oil consumer.(Bloomberg)
Investors are expecting China to release positive economic data on Monday, supporting forecasts of stronger growth at the world's second largest oil consumer.(Bloomberg)

Brent crude floats near $70 on demand recovery anticipation

Reuters | , Singapore
PUBLISHED ON MAR 15, 2021 07:12 AM IST
Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT while US West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%.
Known for his elegant manner and trademark goatee beard, Yamani's 24-year tenure running the oil affairs of the world's biggest crude producer made him a global celebrity during the inflationary "oil shocks" of the 1970s.(AP)
Known for his elegant manner and trademark goatee beard, Yamani's 24-year tenure running the oil affairs of the world's biggest crude producer made him a global celebrity during the inflationary "oil shocks" of the 1970s.(AP)

Yamani, the Saudi oil minister who brought the West to its knees

Reuters | , Dubai
PUBLISHED ON FEB 23, 2021 02:42 PM IST
Yamani was a witness to the 1975 murder of the Saudi king who had plucked him, a non-royal, from obscurity to be oil minister.
The oil market will be able to accommodate Iran’s maximum oil output of around 3.9 million to 4 million barrels a day.(Reuters/ File photo)
The oil market will be able to accommodate Iran’s maximum oil output of around 3.9 million to 4 million barrels a day.(Reuters/ File photo)

Iran starts ramping up oil production to pre-sanctions levels

Bloomberg | , Tehran
PUBLISHED ON JAN 22, 2021 04:47 PM IST
  • Iran has been subject to tough US sanctions since 2018, when the administration of then-President Donald Trump unilaterally withdrew from an international deal that restricted the Middle Eastern country’s nuclear activities. Its crude production was below 2 million barrels a day for most of 2020.
Oil prices have been supported this week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million barrels per day (bpd) in February and March.(Reuters/ File photo)
Oil prices have been supported this week by a pledge by Saudi Arabia, the world’s biggest oil exporter, to cut output by an additional 1 million barrels per day (bpd) in February and March.(Reuters/ File photo)

Oil touches fresh 11-month highs after US inventory fall

New York | By Reuters| Posted by Mallika Soni
PUBLISHED ON JAN 07, 2021 07:00 PM IST
Wednesday’s storming of the US Capitol by supporters of President Donald Trump appeared to have little impact, while a slight rise in global equities suggested investors believed President-elect Joe Biden would be empowered to spend more freely.
The Gulf leaders made no mention of whether Qatar would rejoin the Organization of Petroleum Exporting Countries.(Reuters representative image)
The Gulf leaders made no mention of whether Qatar would rejoin the Organization of Petroleum Exporting Countries.(Reuters representative image)

Gulf Arabs agree to restore Qatar ties but no word on OPEC role

By Bloomberg | Posted by Deepali Sharma
PUBLISHED ON JAN 06, 2021 02:39 PM IST
The breakthrough ending a dispute among some of the world’s top oil and gas producers that erupted in 2017 came just two weeks before President-elect Joe Biden takes office after pledging a new start with Tehran
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)
Meanwhile US crude oil inventories dropped by 1.7 million barrels in the week to Jan. 1 to 491.3 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.(Reuters file photo)

Oil rises to 11-month high after Saudi Arabia pledges unilateral output cut

Tokyo | By Reuters| Posted by: Harshit Sabarwal
PUBLISHED ON JAN 06, 2021 02:33 PM IST
Brent crude rose as much as 0.9% to $54.09 a barrel, the highest since Feb. 26, 2020. It was at $53.82 a barrel at 0757 GMT after jumping 4.9% on Tuesday.
Crude had risen to near $50 a barrel earlier on Monday, aided by a weak dollar. The early stages of Covid-19 vaccine rollouts have stoked optimism that demand will rebound with the global economy, and oil has emerged as a trade to hedge inflation.(Bloomberg (Representative Image))
Crude had risen to near $50 a barrel earlier on Monday, aided by a weak dollar. The early stages of Covid-19 vaccine rollouts have stoked optimism that demand will rebound with the global economy, and oil has emerged as a trade to hedge inflation.(Bloomberg (Representative Image))

Oil extends losses after OPEC+ talks suspended without decision

By Bloomberg | Posted by Nilavro Ghosh
PUBLISHED ON JAN 05, 2021 12:08 PM IST
Futures in New York fell toward $47 a barrel after slumping 1.9% on Monday. Discussions will resume Tuesday after a majority of members, including Saudi Arabia, opposed Russia’s proposal for another supply hike.
The Organization of Petroleum Exporting Countries and its allies must decide whether to add more barrels to the market. They are currently idling 7.2 million barrels a day, or about 7% of world supplies.(Bloomberg)
The Organization of Petroleum Exporting Countries and its allies must decide whether to add more barrels to the market. They are currently idling 7.2 million barrels a day, or about 7% of world supplies.(Bloomberg)

OPEC+ meets to discuss output hike with Saudi Arabia urging caution

By Bloomberg | Posted by Deepali Sharma
PUBLISHED ON JAN 04, 2021 09:56 PM IST
The kingdom highlighted the new risk to the oil market posed by a more infectious strain of the coronavirus, which has heightened the economic risks even as the roll-out of vaccines has buoyed prices.
Russia's President Vladimir Putin chairs a joint meeting of the country's State Council and the Council for Strategic Development and National Projects via a video conference call at the Novo-Ogaryovo state residence outside Moscow, Russia.(via REUTERS)
Russia's President Vladimir Putin chairs a joint meeting of the country's State Council and the Council for Strategic Development and National Projects via a video conference call at the Novo-Ogaryovo state residence outside Moscow, Russia.(via REUTERS)

Russia 2020 output at lowest in nearly a decade

By Bloomberg | Posted by Arpan Rai
PUBLISHED ON JAN 02, 2021 02:47 PM IST
The Organization of Petroleum Exporting Countries and its allies implemented unprecedented output cuts from May as global lockdowns to contain the spread of Covid-19 crushed demand.
In December, Russia produced 42.46 million tons, according to Bloomberg calculations based on CDU-TEK numbers.(Bloomberg file photo)
In December, Russia produced 42.46 million tons, according to Bloomberg calculations based on CDU-TEK numbers.(Bloomberg file photo)

Russia’s 2020 crude oil output at lowest in nearly a decade

By Bloomberg| Posted by: Harshit Sabarwal
UPDATED ON JAN 02, 2021 01:34 PM IST
The Organization of Petroleum Exporting Countries and its allies implemented unprecedented output cuts from May as global lockdowns to contain the spread of Covid-19 crushed demand. Russia shouldered the biggest burden of cutbacks along with OPEC’s de facto leader, Saudi Arabia.
Before the pandemic, OPEC members were content with two summits per year at the organisation’s headquarters in Vienna.(Reuters file photo)
Before the pandemic, OPEC members were content with two summits per year at the organisation’s headquarters in Vienna.(Reuters file photo)

New Year OPEC+ meeting to decide production levels

London | By Agence France-Presse| Posted by: Harshit Sabarwal
UPDATED ON JAN 02, 2021 11:52 AM IST
The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between Saudi Arabia and Russia. Despite a pick up in prices towards the end of last year, the market levels for black gold remain uncertain.
Supreme Council members will continue to exercise their role as ADNOC board members until a new board is appointed, the media office said.(Bloomberg)
Supreme Council members will continue to exercise their role as ADNOC board members until a new board is appointed, the media office said.(Bloomberg)

UAE president forms new Abu Dhabi Supreme Council

Cairo | By Reuters | Posted by Kunal Gaurav
PUBLISHED ON DEC 27, 2020 09:50 PM IST
The current Supreme Petroleum Council, which regulates petroleum-related policies, will be merged with this new council, the Abu Dhabi media office said in a tweet.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo(REUTERS)
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo(REUTERS)

Russia backs increase in oil output by Opec+ amid a pandemic: An explainer

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Ayshee Bhaduri
UPDATED ON DEC 26, 2020 07:29 PM IST
Recent news about Covid-19 vaccine efficacy caused oil prices to climb to their highest levels since the crash in April. Seeing hope in those higher prices, some oil producers wanted to increase pumping to try to make up for almost a year of dismal oil earnings.
Oil in New York is up more than 30% since the end of October amid vaccine breakthroughs and an OPEC+ compromise deal on production, with global benchmark Brent topping $50 a barrel for the first time in nine months last week.(AP file photo. Representative image)
Oil in New York is up more than 30% since the end of October amid vaccine breakthroughs and an OPEC+ compromise deal on production, with global benchmark Brent topping $50 a barrel for the first time in nine months last week.(AP file photo. Representative image)

Oil advances above $47 after tanker explosion near Saudi port

By Bloomberg| Posted by: Harshit Sabarwal
PUBLISHED ON DEC 14, 2020 01:39 PM IST
Futures rose 1.4% in New York after losing 0.5% on Friday. A ship was hit by an explosion at the Saudi Arabian port of Jeddah, with no casualties reported. It comes three weeks after an oil tanker was damaged in a possible attack at the Saudi terminal of Shuqaiq, highlighting the potential for supply to be disrupted.
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
Diesel on Monday was priced at ₹73.87 per litre in Delhi, which is the highest since July 30, 2020, when it was sold at ₹81.94 a litre.(Biplov Bhuyan/HT file photo)
Diesel on Monday was priced at ₹73.87 per litre in Delhi, which is the highest since July 30, 2020, when it was sold at ₹81.94 a litre.(Biplov Bhuyan/HT file photo)

Fuel prices rise for sixth day, petrol rate close to record

Hindustan Times, New Delhi | By Rajeev Jayaswal
PUBLISHED ON DEC 08, 2020 12:40 AM IST
Petrol was sold at 83.71 per litre in Delhi on Monday; only 30 paise away from surpassing the previous record of 84 a litre in 2018, according to official data.
Both oil contracts gained last week after OPEC+ agreed to increase output slightly from January but continue the bulk of existing supply curbs.(Bloomberg file photo)
Both oil contracts gained last week after OPEC+ agreed to increase output slightly from January but continue the bulk of existing supply curbs.(Bloomberg file photo)

Oil prices fall on surging coronavirus cases and US-China tensions

London | By Reuters | Posted by Deepali Sharma
PUBLISHED ON DEC 07, 2020 03:43 PM IST
A surge in coronavirus cases globally has forced a series of renewed lockdowns, including strict new measures in the US state of California and in Germany and South Korea.
Relations]between the UAE and Saudi Arabia haven’t been as cordial as in the early years of Prince Mohammed’s rise to power in the kingdom(REUTERS)
Relations]between the UAE and Saudi Arabia haven’t been as cordial as in the early years of Prince Mohammed’s rise to power in the kingdom(REUTERS)

OPEC wrangle puts UAE’s ambitions on display

By Bloomberg | Posted by Ayshee Bhaduri
UPDATED ON DEC 06, 2020 11:23 AM IST
The UAE’s reinvigorated pursuit of petrodollars plays into a wider shift in the dynamic between Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed and Saudi Arabia’s Crown Prince Mohammed bin Salman over who in the region holds sway on the international stage.
While a breakthrough in vaccines to tackle the coronavirus spurred a rally in oil prices, a resurgence in infections has triggered a new wave of lockdowns and inflicted a fresh blow to fuel consum(REUTERS)
While a breakthrough in vaccines to tackle the coronavirus spurred a rally in oil prices, a resurgence in infections has triggered a new wave of lockdowns and inflicted a fresh blow to fuel consum(REUTERS)

OPEC+ finds its way to an exhausting compromise on oil cuts

By Bloomberg | Posted by Ayshee Bhaduri
UPDATED ON DEC 04, 2020 04:31 PM IST
The revised deal is not as conclusive as many OPEC-watchers had expected, but it could be a rational response to the tremendous uncertainty in energy markets.
Members adjourned a videoconference after a first day of deliberations Monday ended without an agreement.(REUTERS)
Members adjourned a videoconference after a first day of deliberations Monday ended without an agreement.(REUTERS)

OPEC talks on production hit snag as pandemic clouds outlook

Frankfurt | By Associated Press | Posted by Kunal Gaurav
PUBLISHED ON DEC 01, 2020 08:28 PM IST
The sag in demand has been reflected in lower prices to consumers for auto fuel in the US Gasoline prices at the pump dipped well below $2 per gallon in many parts of the country in May as the pandemic took hold, and have remained flat after a mild rebound.
Kazakhstan, a member of OPEC+, has opposed extending the oil cuts into next year.(REUTERS)
Kazakhstan, a member of OPEC+, has opposed extending the oil cuts into next year.(REUTERS)

OPEC+ to discuss extending oil cuts or gradually raising output: Report

Dubai/London | By Reuters | Posted by Kunal Gaurav
PUBLISHED ON NOV 30, 2020 02:44 PM IST
OPEC+ had been due to ease its existing production cuts by 2 million barrels per day (bpd) from January 2021, but a second coronavirus wave has reduced demand for fuel around the world, prompting a rethink among members of the group.
The Brent Alpha topside oil platform stands in the Able UK Ltd. yard as it undergoes decommissioning in Teesside, UK, on Wednesday, Nov. 11, 2020.(Bloomberg)
The Brent Alpha topside oil platform stands in the Able UK Ltd. yard as it undergoes decommissioning in Teesside, UK, on Wednesday, Nov. 11, 2020.(Bloomberg)

Oil highest since March on vaccine progress, Biden transition

By Bloomberg | Posted by Arpan Rai
PUBLISHED ON NOV 24, 2020 03:09 PM IST
Brent futures rose as much as 1.4% in London, accompanied by a sharp rally in the shape of the futures curve as physical markets in Asia showed signs of strength.
The International Monetary Fund forecasts Nigerian GDP will contract by 4.3% this year, the biggest drop nearly four decades.(File photo)
The International Monetary Fund forecasts Nigerian GDP will contract by 4.3% this year, the biggest drop nearly four decades.(File photo)

Nigeria, the biggest African economy now in recession as oil output drops

By Bloomberg | Posted by Deepali Sharma
UPDATED ON NOV 21, 2020 07:29 PM IST
The twin impact of coronavirus lockdowns and the plunge in the price of oil hit the west African economy harder than most on the continent.
A worker passes pipework at the Naftna Industrija Srbija AD (NIS) deep oil processing and refining complex, operated by Gazprom PJSC, in Pancevo, Serbia, on Wednesday.(Bloomberg)
A worker passes pipework at the Naftna Industrija Srbija AD (NIS) deep oil processing and refining complex, operated by Gazprom PJSC, in Pancevo, Serbia, on Wednesday.(Bloomberg)

Oil pares gains as fresh Covid-19 curbs stoke demand concerns

By Bloomberg | Posted by Kanishka Sarkar
PUBLISHED ON NOV 19, 2020 05:59 AM IST
Vaccine-related developments have helped drive oil prices to the upper end of its recent trading range, but further gains have been limited as a resurgent coronavirus in the US and Europe leads to renewed restrictions.
Brent crude futures rose 53 cents, or 1.2%, to $44.28 a barrel by 1046 GMT, while US West Texas Intermediate crude gained 44 cents, or 1.1%, to $41.87.(File photo)
Brent crude futures rose 53 cents, or 1.2%, to $44.28 a barrel by 1046 GMT, while US West Texas Intermediate crude gained 44 cents, or 1.1%, to $41.87.(File photo)

Oil rises on hopes for delay to OPEC+ supply increase

London | By Reuters | Posted by Prashasti Singh
UPDATED ON NOV 18, 2020 05:58 PM IST
US companies Pfizer and Moderna have raised hopes of containing the Covid-19 pandemic with reports of high success rates for their coronavirus vaccines.
A worker at an oil field owned by Bashneft, Bashkortostan, Russia.(Reuters)
A worker at an oil field owned by Bashneft, Bashkortostan, Russia.(Reuters)

Oil climbs higher on China, Japan rebound, hopes of OPEC+ supply curb

By Reuters | Posted by Shivani Kumar
UPDATED ON NOV 16, 2020 10:28 AM IST
Figures showing a rebound in the world’s second and third largest economies, China and Japan, also supported prices, along with data that Chinese refineries processed the most crude ever in October on a daily basis.
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(Reuters)
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, US.(Reuters)

Oil jumps by most since June on Covid-19 vaccine progress

By Bloomberg | Posted by Shivani Kumar
UPDATED ON NOV 09, 2020 06:31 PM IST
Crude futures spiked following news the vaccine, being developed by Pfizer and BioNTech SE, prevented more than 90% of infections in a study of tens of thousands of volunteers.
The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces.(Reuters)
The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces.(Reuters)

Milestone for Libya as oil output hits million barrels daily

By Bloomberg | Posted by Prashasti Singh
PUBLISHED ON NOV 08, 2020 05:03 PM IST
Libya’s resurgence -- it was producing less than 100,000 barrels a day in early September -- has taken oil traders by surprise and weakened prices just as renewed coronavirus lockdowns in Europe and accelerating cases in the US stifle energy use.
On Monday, Energy Minister Alexander Novak met with Russian producers to discuss delaying an easing of production cuts by three months.(VIA BLOOMBERG NEWS)
On Monday, Energy Minister Alexander Novak met with Russian producers to discuss delaying an easing of production cuts by three months.(VIA BLOOMBERG NEWS)

Oil gains on weaker dollar after OPEC+ edges toward taper delay

By Bloomberg | Posted by Shivani Kumar
UPDATED ON NOV 03, 2020 03:13 PM IST
Futures in New York rallied near $38 a barrel after rising 2.9% in the previous session. Equities were rallying ahead of the US election, while the dollar lost almost 0.5%, adding to positive sentiment in crude.
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