Oil Production

Tuesday, Apr 23, 2024 | Last Update : 02:55 PM IST

Oil prices fell more than 2% on Tuesday. (AFP Photo)

Oil prices drop on demand recovery fears, OPEC+ easing expectations

The market will be watching next move from OPEC+ whose Joint Monitoring Committee will meet on Wednesday to recommend next level of cuts

14 Jul 2020 11:34 AM

Oil prices creep up on demand recovery, tempered by virus outbreaks. (AFP Photo)

Oil prices rise on demand recovery, despite surge in virus cases

The prospect of increased US crude production also kept a lid on gains on Friday

26 Jun 2020 9:25 AM

Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections. (AFP Photo)

Oil prices drop as coronavirus infections rise

Production from seven major U.S. shale formations is likely to drop to close to a two-year low of 7.63 million barrels per day by July

16 Jun 2020 9:02 AM

Oil prices slip as wary traders eye upcoming OPEC+ meeting. (AFP Photo)

Oil prices slip even after OPEC meeting advanced

Saudi Arabia is proposing to extend record cuts from May and June until the end of the year, but has yet to win support from Russia

01 Jun 2020 9:11 AM

Oil prices ease on dim economic outlook despite signs of firmer demand. (AFP Photo)

Oil prices slip on dim economic outlook, despite improved demand

A bleak economic outlook from the U.S. Federal Reserve put downward pressure on oil prices

20 May 2020 9:16 AM

Indian economy is and will become even more exposed to risks of supply disruptions, geopolitical uncertainties and the volatility of oil prices.

India's oil demand growth set to overtake China by mid-2020s: IEA

India’s oil demand is expected to reach 6 million barrels per day (bpd) by 2024 from 4.4 million bpd in 2017.

10 Jan 2020 11:38 AM

US West Texas Intermediate crude was at USD 64.39 a barrel, up USD 1.34, or 2.1 per cent, after touching USD 64.44 earlier, the highest since April.

Oil surges again after Trump threatens Iraq sanctions, Iran retaliation

Brent crude futures soared to a high of USD 70.27 a barrel at 0222 GMT, up USD 1.67, or 2.4 per cent.

06 Jan 2020 10:59 AM

Brent crude was up 8 cents, or 0.1 per cent, at USD 61.16 a barrel, by 0420 GMT after adding 1 per cent on Thursday.

Oil set for biggest weekly gain since July on trade dispute hopes

WTI futures, slumped last week by nearly 2 million barrels to their lowest since December.

30 Aug 2019 11:09 AM

Brent crude rose 33 cents, or 0.5 per cent, to USD 64.04 a barrel by 0435 GMT, after gaining 0.4 per cent the previous session.

Oil prices rise amid expectations that US Fed will cut rates

Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf.

30 Jul 2019 11:05 AM

Both contracts last week posted their biggest weekly gains in three weeks on cuts in US oil production and diplomatic tensions in the Middle East.

Oil prices edge lower as China's GDP growth slows

Brent crude futures for September fell 21 cents to USD 66.51 a barrel.

15 Jul 2019 10:59 AM

OPEC said the world would need 29.27 million bpd of crude from its 14 members in 2020, down 1.34 million bpd this year.

Oil near six-week highs amid Gulf of Mexico storm, Middle East tensions

Oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output.

12 Jul 2019 10:01 AM

India, the world’s third-largest oil consumer, currently buys over 80 per cent of its supplies from abroad.

ONGC seeks partners to boost output from over 60 small oil and gas fields

Selected partners will have rights over part of incremental output on top of baseline production from the blocks.

28 Jun 2019 3:25 PM

Analysts said the gains were mainly driven by American Petroleum Institute (API) data showing a fall in US crude inventories.

Oil prices jump as US crude stocks fall, Middle East worries add support

Oil prices have been squeezing higher on escalating tensions in the Middle East.

26 Jun 2019 10:41 AM

Brent futures were up 50 cents, or 0.8 per cent, at USD 65.70 a barrel.

Oil prices climb as US, Iran tensions mount

West Texas Intermediate crude was up 70 cents, or 1.2 per cent, at USD 58.13 a barrel.

24 Jun 2019 2:21 PM

Brent crude futures were up 34 cents, or 0.6 per cent, at USD 62.48 a barrel by 0028 GMT.

Oil extends gains amid Middle East tensions, US-China trade deal hopes

US West Texas Intermediate crude gained 44 cents, or 0.8 per cent, to USD 54.34 a barrel.

19 Jun 2019 8:46 AM

Oil prices have climbed 3.4 per cent since Thursday’s attacks. (Representational Image)

Saudi seeks oil supply protection as US and Iran face off

Thursday’s tanker attacks in the Gulf of Oman exacerbated the antagonistic fallout from similar blasts in May that crippled four vessels.

17 Jun 2019 8:19 AM

Saudi energy minister says hopes to balance oil market before next year

OPEC was close to agreeing to extend a pact on cutting oil supplies beyond June.

15 Jun 2019 2:01 PM

Oil prices have fallen sharply on fears about slowing global demand.

Oil prices fall on rise in US inventories, supply worries

US West Texas Intermediate (WTI) crude was down by 32 cents, or 0.6 per cent, at USD 53.16 a barrel.

05 Jun 2019 9:04 AM

International benchmark for oil prices, were at USD 69.85 at 0101 GMT, down 26 cents, or 0.4 per cent.

Oil prices fall as economic concerns outweigh supply risks

WTI crude futures were at USD 58.70 per barrel, down 44 cents, or 0.7 per cent, from their last settlement.

29 May 2019 8:28 AM

International benchmark for oil prices, were at USD 68.79 per barrel at 0247 GMT, up 10 cents, or 0.2 per cent, from their last close.

Oil prices stable amid OPEC supply cuts, but US-China trade war drags

US West Texas Intermediate (WTI) crude futures were at USD 58.54 per barrel, 9 cents below their last settlement.

27 May 2019 9:54 AM

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Aakar Patel

oil production