Organization Of The Petroleum Exporting Countries

Prices were little changed last week as gains from a nominal supply cut by the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, were offset by lockdowns in China, the world’s top crude importer.

OPEC+ likely to raise June output by 432,000 bpd: Report

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, have been unwinding record output cuts in place since the COVID-19 pandemic took hold in 2020.

IEA urges OPEC to take 'necessary steps' to lower oil prices

The United States and a handful of other oil-consuming nations announced on November 23, a release of their strategic oil reserves in a bid to blunt soaring prices at the pump that are biting into consumers' pocketbooks and pushing up transportation costs.

OPEC+ committee expects market to return to surplus in 2022

The JTC expects global oil demand to grow by 5.95 million bpd this year, in line with its previous forecast, and by 3.28 million bpd next year.

OPEC wrangle over meeting date exposes deepening Saudi-Iran rift

Decision-making has never been easy in the Organization of the Petroleum Exporting Countries, which groups 14 Arab and non-Arab oil producers, some of which have longstanding rivalries.

Oil prices dip as Iran signals support for small OPEC supply increase

Iran, a major supplier within the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), signalled on Wednesday it could agree on a small increase in the group's output during a meeting at OPEC's headquarters in Vienna on June 22.

Dharmendra Pradhan calls OPEC for responsible pricing of oil

The global economic outlook already has threats from trade wars, geopolitical events and fear of instability coming back to the Euro Zone.

Oil prices fall on bloated US crude storage

Prices for front-month Brent crude futures LCOc1, the international benchmark for oil, were at USD 50.92 per barrel at 0051 GMT, down 4 cents from their last close.

Oil prices climb on talk that OPEC could extend supply cut

Oil prices climbed on Tuesday, helped by expectations that an OPEC-led output cut would be extended beyond June but gains were pegged back by concerns about persistently high crude inventories.

OPEC says oil stocks keep rising despite supply cut deal

Production outside OPEC is now expected to rise by 400,000 barrels per day (bpd), 160,000 more than previously thought. US oil output in 2017 was revised up by 100,000 bpd.

Big Oil back on the acquisition trail as outlook brightens

Since late November, major oil companies have announced 11 deals worth more than USD 500 million each with a combined value of USD 31 billion, the clearest sign yet that oil executives are more confident a recovery is underway.

Asian oil refinery margins jump on outages in Mideast, Asia

The higher Asian refining margins have beat back concerns that profits would fall as crude oil prices gained as the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers began to implement their agreed production cuts from January to reduce global oversupply.

Oil production in Asia declining at record levels:Wood Mackenzie

China, Indonesia, Malaysia and Thailand are among the biggest producers in Asia but the near having of crude oil prices since 2014 has hit the industry and resulted in an annual average base decline rate of around 7 percent within existing oil fields, Rodger pointed out.

See crude price rising to $70/bbl by end of 2017: Energy Aspects

Virendra Chauhan, Oil Analyst at Energy Aspects also warns that prices may also see a downtrend if key countries don't cut output. He is worried by Iraq's constant production rise and he fears that Iran along with Iraq may fail to comply with the production cut.

OPEC regains relevance as oil cuts to spur backwardation:Analyst

Late last year, OPEC and major non-OPEC countries announced join production cuts of around 1.8 million barrels a day starting this year, a move that many are upbeat about.

Oil prices rise in anticipation of tighter 2017 market

Oil prices inched up on Monday in anticipation of tighter crude supply going into 2017 following the decision by OPEC and other producers to cut output to prop up prices.

VIDEO: Why is the rupee falling?

Possible US Fed rate hike, OPEC decision to cut crude production and redemption of FCNR deposits are causing volatility in the rupee. Here is a quick video to help you understand why the rupee is falling.

Iran's Rouhani says OPEC cooperation key to stabilising oil

Oil rebounded from the week's lows and hovered above USD50 a barrel on Thursday ahead of a meeting on Saturday in Vienna between OPEC and non-OPEC producers that may result in an agreement to cut crude output further.

Vedanta to invest up to $2.9 bn over 3 years in key India plants

The company plans to expand the capacity of its Lanjigarh alumina refinery to 5 million tonnes from the current 2 million tonnes and double the capacity of its Jharsuguda aluminium smelter to 2 million tonnes.

Expect to see no action from today's OPEC meet: Fat Prophets

Ahead of the Organization of the Petroleum Exporting Countries (OPEC) meet scheduled later for today, David Lennox of Fat Prophets said that he does not see any action coming out of this meeting.

Iran, Iraq at loggerheads with Saudis ahead of OPEC meeting

OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC's de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts.

OPEC experts fall short of agreeing on Iran, Iraq oil output

Ministers from the Organization of the Petroleum Exporting Countries gather on Wednesday in Vienna.

Oil down 2% on OPEC glut worries; US rigs up by two

The Organization of the Petroleum Exporting Countries (OPEC) said Friday that its output rose to 33.64 million barrels per day (bpd) last month, up 240,000 bpd from September.

Oil prices bounce after OPEC reaffirms plan to cut output

Brent crude futures were trading at USD 46.29 per barrel at 0705 GMT, up 71 cents, or 1.56 percent, from their previous close.

India's Sept Iran oil imports fall 4.1 % on Aug - shipping data

India, Iran's top customer after China, still imported about 552,200 barrels per day (bpd) of oil from the Persian Gulf nation in September, more than double the same month a year ago following the end of sanctions targeting Tehran in January.