OPEC
- Middle East
87 years ago today, Saudi Arabia struck oil
Exactly 87 years ago, Saudi Arabia witnessed a historic breakthrough when an American-owned oil well in Dhahran struck a massive petroleum reserve on March 3, 1938. The discovery marked the beginning of…
- World
OPEC+ members extend voluntary oil output cuts by one month
Vienna: Eight member countries of the OPEC+ oil-producing group have announced to further extend their voluntary output cuts by a month, pushing the reductions through the end of December in response to…
- Top Stories
OPEC+ members extend oil output cuts to Q2
Vienna: Several OPEC+ members have announced extensions of oil output cuts into the second quarter to support the “stability and balance of oil markets”. OPEC+ is an oil-producer group comprising member countries…
- World
Oil prices rise as OPEC plus cartel nears deal on production cuts
New Delhi: Crude oil prices have started firming up again in the international market as the OPEC+ cartel is reported to be on the verge of signing an agreement to cut production…
- Middle East
Saudi Arabia to continue voluntary oil cuts till year-end
Riyadh: The Kingdom of Saudi Arabia (KSA) will continue with one million barrel per day voluntary crude oil production cut until the end of the year, the Saudi Press Agency reported on…
- World
Oil prices could go even higher
London: Oil prices have soared about 20 per cent since late June but they could go even higher this year if the OPEC+ alliance sticks to its policy of restraining crude production,…
- Middle East
Saudi to extend one million bpd oil production cut until Sept
Riyadh: The Kingdom of Saudi Arabia (KSA) announced on Thursday, August 3, that it will extend its voluntary oil production cut of one million barrels per day (bpd) for another month to include September,…
- 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…
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