Crude Oil Output

The group is set to discuss whether to proceed with reviving supplies, beginning with an increase of 180,000 barrels a day in January

Last week, the group looked set to proceed with a 180,000 barrel per day (bpd) hike in October, but market volatility and a weak demand outlook have raised concern

An industry source said that Russia is being forced to reduce production by the new sanctions, adding: 'There is no need to produce more than Russia can sell'

Reduction in discounted Russian supplies will affect gross refining margins, as cheaper crude contributes to the profits of Indian Oil, Bharat Petroleum and Hindustan Petroleum

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OPEC+ meeting and Saudi cuts could boost prices, say analysts

The move would likely raise prices at the pump, further straining relations between Riyadh and Washington as the world copes with inflation fuelled in part by the war in Ukraine

Pankaj Jain's comments follows contracts signed by govt for 34 oil exploration blocks; minister Hardeep Singh Puri asserts energy crisis in Europe far worse than India

For Q4FY22, MRPL reported standalone net profit of Rs 3,008 crore as against profit of Rs 268 crore in Q4FY21.

Crude oil production at 2.43 million tonne in May was 6.32 per cent lower than 2.6 million tonne output in the same month last year

The OPEC oil cartel and allied countries said that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July

Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most OPEC+ producers will hold production steady

OPEC+ will resume talks after reaching a deadlock over February oil output levels as Saudi argued against pumping more due to new lockdowns while Russia led calls for higher production

Oil prices touched multi-month highs on expectations that OPEC and allied producers may cap output at current levels in February as the pandemic keeps worries about first-half demand elevated

Impact on IIP likely even as some economists believe consumer goods might tone it down to some extent. Core sector accounts for 40.27% of IIP

The Organization of the Petroleum Exporting Countries and non-OPEC countries decided at a meeting to increase oil production by 500,000 barrels per day in January 2021

The Dallas Fed did not say if the peak was considered temporary or permanent as major oil firms have been discussing

The oil company will boost outpur capacity by 1 million barrels per day (bpd) to 13 million bpd despite spending cuts this year and next year

Even if the daily price cut on petrol and diesel remains between 15 and 30 paisa till April 1, the marketing margin will remain high at Rs 8-10 per litre.

The clash of oil titans Saudi Arabia and Russia sparked a 25% slump in crude prices on Monday