OPEC+ agrees on not changing oil policy and production
At a meeting on Sunday, OPEC+ agreed to stick to its oil output targets as the oil markets struggle to estimate the impact of a slowing Chinese economy on demand…
State-run OMCs incured consolidated loss of Rs 3805 crores in Q2
The decision to freeze retail petrol and diesel prices despite a sharp spike in crude oil prices has hurt state-run oil marketing companies (OMCs), which recorded losses for the second…
Crude-Oil prices surges on China COVID-Ease, Fed Pivot talk
Sensing that it was probably overreacting with COVID lockdowns while the rest of the world had moved on with the pandemic, top crude-oil importer China said Tuesday that it was…
BP beats estimates to post bumper profit of $8.2 billions
Due to high commodity prices and active gas marketing and trading, oil and gas major BP on Tuesday posted third-quarter profits that were greater than anticipated. The British energy giant…
Crude oil prices falls as US increases reserves
Oil prices dipped on Wednesday as industry data revealed that US oil reserves climbed more than expected, but supply concerns capped losses. Brent crude futures for December slid $1.03, or…
India-Saudi Arabia to use undersea cables for renewable energy projects
Saudi Arabia is constructing a deep-sea cable to connect India in order to develop a sustainable energy system between the Middle East and South Asia. According to The Economic Times,…
Crude Oil prices remains stable as recession fears offset upbeat Chinese indications
Crude oil prices stayed unchanged on Monday, as concerns that soaring inflation and energy expenses pushed the global economy into recession were offset by China’s sustained loose monetary policy. Brent…
OPEC+ agrees to largest cut in oil production despite U.S. pressure
At a meeting in Vienna on Wednesday, OPEC+ agreed to the largest cuts in crude oil output since the 2020 COVID pandemic, limiting supply in an already tight market despite…
Crude oil prices surges on Tuesday expecting production cut by OPEC+
Crude oil prices increased on Tuesday, as hopes that OPEC+ will agree to a significant cut in petroleum supply on Wednesday countered concerns about the global economy. Brent crude was…
Crude Oil prices jumps as OPEC+ considers lowering production
When the OPEC+ coalition meets this week, it is expected to propose cutting production by more than 1 million barrels per day in order to restore plummeting prices. A drop…