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OPEC+ on Sunday agreed to increase oil production quotas for the second consecutive month, while cautioning that damage to energy infrastructure amid ongoing conflicts could disrupt global supplies for an extended period, AFP reported.The oil cartel decided to raise output quotas by 206,000 barrels per day (bpd) from May, with key producers including Russia, Saudi…
Saudi Arabia has brought its East-West pipeline into full operation, pushing 7 million barrels of oil a day through the route as it works to maintain supplies following the effective shutdown of the Strait of Hormuz, a person familiar with the matter said. The pipeline, which runs across the kingdom to the Red Sea, has…
OPEC+ on Sunday announced a higher-than-expected increase in oil production quotas, days after US and Israeli strikes on Tehran triggered Iranian retaliation across the Middle East, according to AFP.The oil producers’ group, which includes Saudi Arabia, Russia and several Gulf states affected by the escalation, said it had “agreed on a production adjustment of 206…
The global oil market is tilting towards oversupply as production growth continues to outpace consumption despite a rise in Chinese demand, according to the International Energy Agency’s (IEA) latest monthly report released on Thursday. The IEA projected that worldwide oil production will exceed demand by more than four million barrels per day (bpd) in 2026,…
The eight key members of the Opec+ alliance, including Saudi Arabia and Russia, have agreed to raise oil production by 137,000 barrels per day (bpd) starting December, marking a modest increase that will hold steady for three months, the group said in a statement after a virtual meeting on Sunday, AFP reported.The move, aligned with…
In a notable shift, India’s crude oil imports from Russia have surged in the first half of October, reversing a three-month decline observed from July to September. This resurgence is attributed to Indian refineries operating at full capacity to meet the heightened demand during the festive season, as indicated by ship tracking data.Russian oil imports…
India’s oil consumption is expected to surpass all other nations by 2050, driven by robust economic growth, accounting for over 12 per cent of global energy usage, according to BP’s chief economist Spencer Dale. As the world’s third-largest oil importer and consumer, and fourth-largest LNG importer, India’s oil demand is projected to rise from 5.4…
Saudi Arabia, Russia and six other members of Opec+ on Sunday decided to raise their oil production quotas by 137,000 barrels per day (bpd) for November, continuing efforts to reclaim market share amid cautious demand projections, AFP reported.“In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low…
