OPEC’s leader Saudi Arabia and Russia were trying on Thursday to convince fellow oil producers to raise output from July to meet the rising global demand, with Iran still signalling it would support only a modest increase in supply.
The Organization of the Petroleum Exporting Countries is meeting on Friday to decide output policy amid calls from top consumers such as the United States, China and India to cool down oil prices and support the world economy by producing more crude.
Russia, which is not in OPEC, has proposed producers raise output by 1.5 million barrels per day (bpd), effectively wiping out supply cuts of 1.8 million bpd that have helped rebalance the market in the past 18 months and lifted oil to around $75 per barrel. Oil traded as low as $27 in 2016. Read More
Latest posts by The Hindu Businessline (see all)
- NHPC, NLC forge power trading agreement - February 21, 2019
- Keeping An Eagle Eye On Oil And Gas Pipelines - February 19, 2019
- Centre Confident That Gujarat Will Offer Land To Wind Energy Projects - February 19, 2019