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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.
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%.
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.
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 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.
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
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.
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.
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 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.
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.
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.
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.
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 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’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
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.
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)](https://images.hindustantimes.com/rf/image_size_300x169/HT/p2/2020/12/06/Pictures/attends-cooperation-nahyan-council-prince-sheikh-mohammed_3a512838-3786-11eb-a00e-2cd7664e001b.jpg "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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.