Search For "production cuts"
Crude oil prices plunge by 541 points despite OPEC+ extending production c
Updated : 2 years 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 : 2 years 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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Asian crude buyers unlikely to face supply squeeze as OPEC+ navigates supp
Updated : 2 years, 2 months 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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South Korean refiners optimistic about refining margins, secure ample Saud
Updated : 2 years, 3 months ago IST
According to S&P Global Commodity Insights, despite Saudi Arabia's commitment to production cuts in the first quarter, feedstock managers ensured a steady flow of Saudi barrels, reflecting confidence in the market's resilience.
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UAE to voluntarily cut oil output by 144,000 bpd from May through year-end
Updated : 3 years, 2 months ago IST
"This voluntary initiative is a precautionary measure taken to ensure market balance and comes in alignment with the production cut agreed upon during the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM), held on 5th October 2022," the minister said in a statement.
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Biden announces release of 15 million barrels of oil from strategic reserv
Updated : 3 years, 7 months ago IST
Washington [US], October 20 (ANI): US President Joe Biden has announced the release of 15 million barrels of oil from the United States strategic reserve, part of a response to recent production cuts announced by OPEC+ nations.
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Biden to release 15 million barrels from oil reserve, more possible
Updated : 3 years, 7 months ago IST
Washington [US], October 19 (ANI): President Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve on Wednesday as part of a response to recent production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+) nations.
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Indian economy is resilient, not going to be impacted by OPEC+ oil output
Updated : 3 years, 8 months ago IST
New Delhi [India], October 6 (ANI): After OPEC+ agreed to steep oil production cuts on Wednesday, curbing supply in an already tight market, Indian economist Dr Charan Singh called India 'fortunate' enough as the country is not going to be badly impacted by these policies as it is not on
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Pradhan urges OPEC to phase out production cuts sooner, maintain crude pri
Updated : 4 years, 11 months ago IST
New Delhi [India], June 24 (ANI): In a high-level consultation meeting on Thursday, Union Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan urged the Organization of the Petroleum Exporting Countries (OPEC) to phase out production cuts sooner and maintain crude prices at a r
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India calls for ease of crude oil production cuts
Updated : 5 years, 2 months ago IST
New Delhi [India], April 2 (ANI): Calling for the market-determined price of crude oil, the Ministry of External Affairs (MEA) on Friday said India has been appealing oil-producing countries to ease production cuts that were announced last year.
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Situation on global oil market undoubtedly improved in recent months: Saud
Updated : 5 years, 3 months ago IST
Moscow [Russia], March 4 (ANI/Sputnik): The situation on the global oil market has undoubtedly improved in the last two months, while OPEC+ states have shown a high level of compliance with the oil production cuts, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Thursday.
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Petroleum Minister appeals to oil-producing countries to ease production c
Updated : 5 years, 3 months ago IST
New Delhi [India], February 17 (ANI): In his address at the IEA-IEF-OPEC Symposium on Energy Outlooks on Wednesday, Petroleum Minister Dharmendra Pradhan appealed to oil-producing countries to ease production cuts to stabilise the fragile global economic recovery.
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