Oil futures rose on Monday after OPEC sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the United States prepares to reinstate sanctions against major exporter Iran.
Oil tanker owners are giving up.
Petrol and Diesel prices were hiked in four metro cities applicable from 6:00 a.m. on 31st July 2018. Petrol prices were hiked by 6 paise while diesel prices were hiked by 7 paise in all the metro cities of Delhi, Kolkata, Mumbai, and Chennai.
Imagine a world without OPEC. This is what the sponsors of legislation introduced in both houses of Congress seem to want.
Evidence is mounting that Saudi Arabia is heeding US President Donald Trump’s call for OPEC to keep the oil market amply supplied and rein in prices.
Occasioned by increased global oil supply of 370,000 barrel per day (mb/d) in June, due mainly to higher outputs from Saudi Arabia and Russia, OPEC crude production hit a four-month high of 31.87 mb/d, the International Energy Agency (IEA) has said.
OPEC President Suhail al-Mazrouei said on Wednesday that volatility in the crude market was undesirable and OPEC prefers a more stable price environment, speaking after crude had its biggest one-day drop in two years.
Venezuelan oil production crashed to a new 30-year low of 1.5 million barrels a day in June, the Organisation of the Petroleum Exporting Countries (OPEC) said today.
The world’s fastest growing crude consumer has a warning for OPEC: Start reducing prices, or waning demand will mean a curb in purchases from the crude cartel.
The world’s fastest-growing crude consumer, India, has a warning for the Organization of Petroleum Exporting Countries (OPEC): Start reducing prices, or waning demand will mean a curb in purchases from the crude cartel.