As Qatar walks out of the Organisation of Petroleum Exporting Countries (Opec) in New Year 2019, the challenge for India is how to reset its gas purchases and more, given that the kingdom is one of its largest economic partners.
Oil Minister Dharmendra Pradhan on Wednesday said that Organization of Petroleum Exporting Countries’ (OPEC’s) decision on production cuts should not be one-sided and emerging requirements of consuming countries such as India should be taken into account.
Oil prices remained on shaky ground on Tuesday after sliding by 3 percent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.
Brent crude oil futures rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January. Despite this, the price outlook for next year remains muted on the back of an economic slowdown.
The Organisation of Petroleum Exporting Countries’ (OPEC) Vienna meeting finally concluded with an agreement over production cuts till April next year. The cartel and its partners have agreed to reduce production by close to 1.2
Oil in London extended its gains near $62 a barrel after OPEC and its allies agreed on production cuts and protesters forced the shutdown of Libya’s biggest crude field.
International oil prices rose on Monday, extending gains from Friday when producer club OPEC and some non-affiliated producers agreed a supply cut of 1.2 million barrels per day (bpd) from January.
Just when it looked like oil prices cooling off had offered some respite to India’s macros, Organisation of the Petroleum Exporting Countries (Opec) decision to cut back production by 1.2 million barrels per day is threatening to heat things up again.
Qatar made headlines recently after the long-standing OPEC member said that it was leaving the group of oil-exporting nations at the end of the year.
Prime Minister Narendra Modi has played a big role in convincing Organisation of the Petroleum Exporting Countries (OPEC) for responsible oil pricing, alongside US President Donald Trump. And none other than Saudi oil minister Khalid Al Falih is vouching for it.