The key concept in the wake of the decision to reduce crude oil output by Opec and its allies is “balance”. It’s something everybody in the market says they want, but they all have different ideas of what it means and how to get there.
Brent Crude oil prices might swing back to $70 a barrel with the Organization of Petroleum Exporting Countries (OPEC) deciding to cut production by close to 1.2 million barrels per day (mbpd).
Opec finally broke an impasse over production curbs, agreeing on a larger-than-expected cut with allies after two days of fractious negotiations in Vienna.
Iran gave OPEC the green light on Friday to reduce oil output by around 0.8 million barrels per day from 2019 after finding a compromise with rival Saudi Arabia over a possible exemption from the cuts, an OPEC source said.
Public sector oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum have an ambitious plan to open nearly 4,500 fuel outlets across Gujarat, an official said on Saturday.
After looking to sell oilfields of Oil and Natural Gas Corp (ONGC), the Prime Minister’s Office (PMO) has sought a whitepaper on status and future strategy for the state-owned firm’s overseas arm ONGC Videsh Ltd, sources with knowledge of the development said.
OPEC has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia’s oil minister said on Thursday.
The Organisation of the Petroleum Exporting Countries (OPEC) would “seriously consider” Prime Minister Narendra Modi’s views on lowering global crude oil prices, Saudi Energy Minister Khalid Al-Falih said on Thursday.
Oil prices fell on Wednesday, pulled down by a US supply glut and a drop in stock markets as China’s government warned of increasing economic headwinds and as Japan was expected to report another quarter of GDP contraction.