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“I am not sure there is a supply shortage, but we will look at the (market) analysis. We will definitely be responsive and the market will be supplied,” Saudi Arabia Energy Minister Khalid al-Falih said. (Photo: File | AP)

Saudi's Falih says oil stocks still building, but OPEC to act if needed

OPEC, Russia and other non-OPEC producers have agreed to reduce output by 1.2 bpd from Jan 1 for six months.

18 May 2019 1:46 PM

WTI was also up for a fourth day and was headed for a weekly gain of 2.7 per cent, the first rise in four weeks.

Oil rises as Middle East tensions mounts, set for weekly gains

Brent crude futures were at USD 73.00 a barrel at 0303 GMT, up 38 cents, or 0.5 per cent.

17 May 2019 9:56 AM

Oil prices have drawn support after Saudi Arabia on Tuesday said armed drones struck two of its oil pumping stations.

Oil prices ease on surprise rise in US stockpiles, but Middle East tensions support

WTI crude futures were at USD 61.39 per barrel, down 39 cents, or 0.6 per cent.

15 May 2019 9:56 AM

US West Texas Intermediate (WTI) futures were at USD 61.58 per barrel, down 9 cents, or 0.2 per cent.

Oil prices mixed amid US-China trade impasse

Brent crude futures were at USD 70.73 a barrel, up 11 cents, or 0.2 per cent, from their last close.

13 May 2019 9:21 AM

Sourcing from Iran increased to 12.7 million tonnes in 2015-16, giving it the sixth spot. (Photo: AP)

India to stop importing oil from Iran; make up lost volumes from alternate sources

India is likely to press with the US government for continuation of beyond its expiry on May 2.

23 Apr 2019 2:16 PM

OPEC, along with ally Russia and others, agreed to reduce output by 1.2 million bpd. (Representational Image)

US to end all waivers on imports of Iranian oil, crude price jumps

United States on Monday demanded that buyers of Iranian oil stop purchases by May 1 or face sanctions.

23 Apr 2019 12:12 PM

Iran was the fourth-largest producer among the OPEC at almost 3 million barrels per day

Oil near 2019 highs after US ends all Iran sanction exemptions

WTI crude futures hit their highest level since October 2018 at USD 65.95 per barrel before edging back to USD 65.89.

23 Apr 2019 9:54 AM

Brent prices are likely to rise toward USD 86.29 a barrel, the highest price it reached in 2018, while WTI may climb to USD 76.41.

Oil prices soar by about 3 per cent as plans US end to Iran sanction waivers

Brent crude futures rose as much as 3.3 per cent to USD 74.31 a barrel, the highest since November.

22 Apr 2019 10:54 AM

US crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels.

Oil prices extend losses despite surprise drop in US inventories

US West Texas Intermediate (WTI) crude futures were at USD 63.67 per barrel, down 9 cents, or 0.1 per cent.

18 Apr 2019 9:10 AM

All four Indian state-owned refiners that buy Iranian oil are confident of securing additional barrels from other producers, said officials.

Indian refiners turn to OPEC, Mexico, US to make up Iran oil gap

Refiners have not yet placed orders for Iranian oil for May, when current waiver expires, pending clarity from US.

17 Apr 2019 4:55 PM

OPEC and its allies including Russia, known as OPEC+, will meet in June to decide whether to continue withholding supply.

Oil prices extend losses as oversupply worries drag

US West Texas Intermediate (WTI) crude futures were at USD 63.32 per barrel, down 8 cents, or 0.13 per cent.

16 Apr 2019 10:57 AM

US West Texas Intermediate (WTI) crude futures were at USD 63.78 per barrel, up 20 cents, or 0.3 per cent.

Oil prices firm amid OPEC supply cuts, US sanctions on Iran and Venezuela

China and India comprise nearly 55 per cent of global demand growth.

12 Apr 2019 10:27 AM

While demand in China, India and the United States grew, the OECD warned that "the oil market shows signs of tightening" amid "mixed signals" over the global economic outlook.

Saudi oil cuts deeper than promised: International Energy Agency

The Paris-based IEA said production by OPEC kingpin Saudi Arabia dropped to its lowest level in two years in March.

11 Apr 2019 6:11 PM

Brent and WTI crude oil futures have risen by 40 per cent and 30 per cent respectively since the start of the year.

Oil slips from 5-month highs as economic worries counter tight market

International benchmark Brent futures touched their strongest level since last November at USD 71.34 per barrel.

09 Apr 2019 9:34 AM

OPEC+ agreed to cut output by 1.2 million bpd from the beginning of 2019 after oil prices dipped late last year. (Photo: File)

Saudi minister says oil market headed for 'balance'

Saudi Energy Minister Khalid al-Falih said he did not "think we need to" when asked if kingdom was prepared to make additional cuts.

08 Apr 2019 3:38 PM

Saudi Arabia controls a 10th of global oil production, roughly on par with its main rivals - the United States and Russia.

Saudi Arabia threatens to ditch dollar oil trades to stop 'NOPEC': sources

At the current price of USD 70 per barrel, the annual value of global oil output is USD 2.5 trillion.

05 Apr 2019 8:48 AM

OPEC+ pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.

Oil prices set for biggest first-quarter gain since 2009 on US sanctions

Brent crude oil futures were up 30 cents, or 0.4 per cent, at USD 68.12 per barrel.

29 Mar 2019 11:16 AM

The US benchmark rose USD 1.12, or 1.9 per cent, to USD 59.94 a barrel in the previous session.

Oil prices edge higher, but future demand concerns cap gains

Prices have risen more than 25 per cent this year, supported by supply curbs by the OPEC.

27 Mar 2019 12:00 PM

The trading sentiment dampened in futures trade after oil prices eased in Asian trade as concerns of a sharp economic slowdown outweighed supply disruption from OPEC's production cutbacks and US sanctions on Iran and Venezuela, analysts said. (Representational Image)

Crude oil futures slip 0.22 pc on weak global trend

At Multi Commodity Exchange, crude oil for delivery in April traded Rs 9, or 0.22 per cent, lower at Rs 4,066 per barrel in 7,452 lots.

25 Mar 2019 12:41 PM

At least three vessels chartered by the Indian conglomerate supplied refined products to Venezuela in recent weeks.

Reliance selling fuels from India to Venezuela to avoid US sanctions

Reliance had been supplying alkylate, diluent naphtha, and other fuel to Venezuela though its US-based subsidiary.

21 Mar 2019 8:57 AM

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Sanjeev Ahluwalia