Search For "opec"
Despite OPEC+ supply cut, global oil market will be in surplus during 2025
Updated : 1 year, 3 months ago IST
This surplus, though modest, is expected to exert downward pressure on oil prices, with Brent crude likely to average around USD 71 per barrel next year.
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Union Minister Hardeep Puri holds key talks with OPEC chief, eyes balanced
Updated : 1 year, 4 months ago IST
Union Minister Hardeep Singh Puri met with HE Haitham Al-Ghais, Secretary General of Organization of the Petroleum Exporting Countries (OPEC) on Moday at the ADIPEC conference in Abu Dhabi to discuss India's partnership with OPEC.
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OPEC Fund enhances global partnerships with substantial financing commitme
Updated : 1 year, 4 months ago IST
At the 2024 World Bank-IMF Annual Meetings, the OPEC Fund for International Development announced nearly half a billion dollars in financing commitments to partner countries, aligning with global development goals in energy, climate resilience, and socio-economic advancement.
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Sharp cut in windfall tax on crude petroleum, effective today
Updated : 1 year, 7 months ago IST
The windfall tax on petroleum crude will be reduced to Rs 2,100 per metric ton from Rs 4,600 per ton, according to an official gazette notification. The new rate will be effective from Saturday, August 17, 2024.
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OPEC cuts oil demand forecast for 2024 due to weak intake from China
Updated : 1 year, 7 months ago IST
The Organization of the Petroleum Exporting Countries (OPEC) has slightly revised down global crude oil demand forecast for 2024, citing softer intake by China.
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Crude oil prices plunge by 541 points despite OPEC+ extending production c
Updated : 1 year, 9 months ago IST
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, revealed that they would continue to enforce substantial oil production cuts totalling 5.86 million bpd.
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OPEC+ extends major oil production cuts until 2025 to stabilise market
Updated : 1 year, 9 months ago IST
Faced with slow demand growth, high interest rates, and the rise in U.S. oil production, the group aims to support oil prices by managing supply tightly.
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UAE continues to demonstrate robust growth in non-oil sectors: OPEC
Updated : 1 year, 10 months ago IST
The Organisation of the Petroleum Exporting Countries (OPEC) said today that the "UAE continues to demonstrate robust growth in its non-oil sectors, driven by strong government support and solid demand".
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Hardeep Puri holds talks with OPEC Secy-General; discusses volatility in g
Updated : 1 year, 11 months ago IST
As one of the world's fastest-growing economies, India is committed to supporting efforts to achieve balance in global energy markets, said Hardeep Puri during the conversation, the Ministry of Petroleum and natural Gas said in a press release.
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Oil demand will grow 2.25 million bpd: OPEC
Updated : 1 year, 11 months ago IST
In its monthly report, OPEC predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024
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Crude oil prices can hit USD 100 a barrel in 2024 if OPEC maintains cuts:
Updated : 1 year, 11 months ago IST
According to S&P Global Commodity Insights, Russell Hardy, the CEO of Vitol, delivered this forecast, indicating that spot crude prices could surge to USD 100/b later this year if Organization of the Petroleum Exporting Countries (OPEC+) continues its production discipline and persists i
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Asian crude buyers unlikely to face supply squeeze as OPEC+ navigates supp
Updated : 2 years ago IST
The recent decisions by OPEC+ and Russia to extend production cuts have provided a semblance of clarity in the near-term supply trajectory for global crude oil and Asian crude buyers are unlikely to face a supply squeeze as plentiful non-OPEC supplies are set to fill the potential void, trad
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