Oil Output

Last month, India raised the basic import tax on crude and refined edible oils by 20 percentage points to help protect farmers struggling with lower oilseed prices

The news lifted oil prices by over $1 a barrel, with Brent futures trading over $74 before paring gains. It fell to its lowest this year on Wednesday

Stock market strategy: Equities, analysts said, have priced-in most positives and are likely to adjust to the fundamentals now with growth in earnings needed to justify high valuations

Russia has declared plans to cut its oil output and exports by an additional 471,000 barrels per day (bpd) in April-June in coordination with some OPEC+ participating countries

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'

RIL's management noted while the refining margins environment looks favourable, that of downstream will remain pressured

Vizag refinery will operate at 13.5 mtpa capacity in the current fiscal year and at full capacity of 15 mtpa in the next fiscal, Bharathan said

This surge was attributed to Indian refiners reducing their purchases of Russian oil due to elevated prices and maintenance outages at some facilities, as indicated by tanker data from various sources

The report also showed OPEC's oil production rose by 91,000 bpd to 28.19 million bpd in June, led by Iran and Iraq, despite output cuts pledged by OPEC+

Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. This is a grand day for us, because the quality of the agreement is unprecedented, Saudi Energy Minister Abdulaziz bin Salman said in a news conference, adding that the new set of production targets are much more transparent and much more fair. The slump in oil prices has helped U.S. drivers fill their tanks more cheaply and given consumers worldwide some relief from inflation. That the Saudis felt another cut was necessary underlines the uncertain outlook

The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter, as it invests billions of dollars to produce from newer discoveries, a top company official said. Oil and Natural Gas Corporation (ONGC) in fiscal 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic metre (bcm) of natural gas, which is used to produce electricity, manufacture fertiliser and as CNG in automobiles. "We are definitely looking forward to increasing production of oil and gas in 2023-24 and even in the current year," ONGC chairman Arun Kumar Singh told PTI. In the current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonnes and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonnes and 25.689 million tonnes in 2024-25. Natural gas production is slated to rise to 25.68

Oil prices were stable on Tuesday as the market balanced cuts to OPEC+ production quotas against fears of economic slowdown

Brent crude rose 39 cents, or 0.4%, to $94.51 a barrel by 0900 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.3%, at $88.81.

Brent oil prices jumped by over $2 per barrel to above $115 per barrel on the news amid tight global supplies and rising demand

Under a deal reached in July last year, the group is set to increase output targets by 432,000 bpd every month until the end of September, to unwind its remaining production cuts

Iran has seen a surge in its production and exportation of oil and gas since 2021 as the country works to revive the Iran nuclear deal

The move by financial services firm raises pressure on peers to heed a call for a halt to funding for new fossil fuel projects.

US oil output is expected to return to a near record high averaging 13 million barrels daily by next year, the Energy Information Administration forecast

Higher oil prices are sending reverberations throughout the global economy in terms of higher consumer inflation in the U.S. and Europe and costlier fuel for heating, flying and driving