OPEC
- Middle East
OPEC: Saudi Arabia announces further oil cut of 1M bpd
Riyadh: The group of oil-producing countries resolved on Sunday to extend oil production curbs through 2024 as petrol prices remained stable, according to The Hill. The Organisation of the Petroleum Exporting Countries (OPEC) and…
- India
India may exceed G-7 cap to buy Russian crude oil if OPEC+ cuts raise costs
India may explore the possibility of buying Russian crude oil beyond the G-7 price cap of USD 60 per barrel if the recent output cuts by OPEC+ countries lead to an increase…
- World
Oil prices surge after OPEC+ announce to cut output
Moscow: The Oil prices have surged and surpassed USD 85 per barrel after several oil producer countries announced surprise cuts in production, TASS Agency reported. According to the Russian News Agency, this…
- Middle East
Saudi Arabia announces voluntary oil production cut
Riyadh: Saudi Arabia’s Energy Ministry has announced a voluntary oil cut of 500,000 barrels per day from May till the end of 2023. The production cut is in coordination with some other…
- India
Russia becomes third largest oil supplier to India; OPEC share shrinks
Ever since the beginning of the Ukraine war, India is stepping up its buying of Russian crude oil thereby resulting in the reduction of OPEC share in its crude import. At present…
- Middle East
Saudi: ‘Working to stabilize and balance oil markets,’ says King Salman
Riyadh: Saudi Arabia’s King Salman bin Abdulaziz on Sunday said that his country is working hard to support the stability and balance of global oil markets, in the latest response to US…
- Middle East
Saudi Arabia dismisses accusations of support to Russia
Riyadh: The Kingdom of Saudi Arabia’s Defense Minister Prince Khalid bin Salman expressed his surprise at accusing Saudi Arabia of siding with Russia in its war against Ukraine. Prince Khaled on Sunday…
- World
Higher oil prices could tip world economy into recession: IEA
London: Western governments are furious after OPEC+ decided last week to slash oil production by the largest amount since the start of the pandemic, and the cartel’s actions may tip the global…
- World
OPEC plus oil production cuts: US will take action against Saudi Arabia, says Biden
Washington: US President Joe Biden on Wednesday said his administration will take action against Saudi Arabia after the Riyadh-led OPEC+ alliance announced plans to cut oil production, a move that America said…
- World
Putin hosts United Arab Emirates leader for economic talks
St Petersburg: Russian President Vladimir Putin on Tuesday hailed a recent decision by OPEC, Russia and other oil-producing nations to limit production as a key to stabilising the global energy market, as…
- World
How will OPEC plus cuts affect oil prices, inflation in India?
The decision of the OPEC plus countries to cut oil supply is going to impact the fuel prices and inflation in India and other countries across the world. Already almost all countries…
- Middle East
White House fails to prevent OPEC+ decision to cut oil production
The administration of US President Joe Biden launched a large-scale campaign in a last attempt to distract US allies in the Middle East from the decision to significantly reduce oil production, the Cable News…
- World
OPEC announces big cut in oil production
London: OPEC+ said on Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the Covid-19 pandemic, media reports said. The group…
- Middle East
OPEC oil cartel, allies to consider biggest cut in oil production since pandemic
Abu Dhabi: Major oil producing states are bracing the world for the biggest cut in oil production since the pandemic, the media reported. The OPEC oil cartel and its allies, including Russia,…
- India
Saudi overtakes Russia to become India’s second biggest oil supplier
Riyadh: After a three-month gap, the Kingdom of Saudi Arabia (KSA) has overtaken Russia by a narrow margin to become India’s second-biggest supplier of oil behind Iraq in August 2022. According to…
