The kingdom boosted production last month by the most this year as output from fellow OPEC member Iran plunged to the lowest since 1990 due to US sanctions, according to a Bloomberg survey. read more

The idea of a buyer’s club to negotiate on oil prices has long been floated without much success read more

Saudi Arabia, the world’s top crude exporter, has also said it had no immediate plans to raise oil output after the sanctions waivers end. read more

As per data from Indian Oil Corp, petrol price in Delhi was increased to Rs 70.95 per litre on Sunday while in Kolkata, Mumbai and Chennai the fuel cost Rs 73.05, Rs 76.58 and Rs 73.65 respectively. read more

Oil prices fell to their lowest in more than a year on Thursday, a day after their biggest one-day rally in two years, pulled down by worries about the global economy and a supply glut. read more

The decline in diesel prices so far has been nearly 14 per cent from the highs touched in October. In Delhi, the fuel was sold for Rs 65.30 per litre, 13.72 per cent lower than the all-time high of Rs 75.69, recorded on October 16 and 17. read more

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

India is the world’s third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs read more

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. read more

The BSE Sensex plunged 572.28 points, or 1.59 %, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69 %, to 10,601.15. read more

The 30-share Sensex was trading 298.53 points, or 0.83 per cent, lower at 35,585.88. The index tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41. read more

State-owned Saudi Arabian Oil Co. reduced prices on Tuesday for all of the crude oil grades it sells to Asia, while increasing them for U.S. and European buyers. read more

The re-emergence of the US as an oil producer and exporter is a challenge to organisation’s authority. read more

The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news conference. read more

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. read more