The OPEC+ alliance first unveiled its plans for gradually reviving production in June last year, but with oil demand growth slowing in China and new supplies across the Americas swelling
Brent futures were down 77 cents or 1 per cent at $76.23 a barrel by 1230 GMT, while US West Texas Intermediate (WTI) crude dropped 88 cents or 1.20 per cent to $72.44 a barrel
Trump on Thursday repeated a pledge to boost US oil production in order to lower commodity prices, saying the country will produce more oil than anyone has ever seen before
Brent crude oil price per barrel averaged $75 in Q3 (vs $80.7 in Q2), with weak demand and comfortable supply
Russian refining runs rose by 2 per cent, or by 108,000 barrels, to 754,800 metric tons a day on Jan 15-19 from the first week of the year, according to the sources
The expansion in US LNG capacity could lead to a global oversupply by the decade's end, potentially lowering prices
On Wednesday, Brent crude was down around 1.2 per cent to $76.16/bbl, while US West Texas Intermediate crude fell around, or 1.05 per cent, to $73.47/bbl
Brent crude was up 69 cents, or 0.90 per cent, at $77.74 a barrel at 0954 GMT. US West Texas Intermediate crude climbed 87 cents, or 1.17 per cent, to $75.12
In the Middle East, Israel said on Tuesday that it would return to war with Hezbollah if their truce collapses and that its attacks would go deeper into Lebanon and target the state itself
The group is set to discuss whether to proceed with reviving supplies, beginning with an increase of 180,000 barrels a day in January
Thus far in calendar year 2024 (CY24), Brent crude oil prices hit a low of around $69 a barrel before breaching the $91 a barrel mark in April 2024 as geopolitical concerns rose
OPEC+, which includes members of the OPEC and allies such as Russia, is discussing a further delay to a planned oil output hike that was due to start in January
Speaking at the FIPI Oil and Gas Awards Ceremony, the minister highlighted the dramatic shift in India's oil sourcing over the past two years
Four-week average flows slipped by about 150,000 barrels a day in the period to Nov. 17, driven lower by the biggest drop in weekly exports since early July
In 2021, Reliance, controlled by billionaire Mukesh Ambani, announced the opening of an office in UAE to trade oil and refined fuels including petrochemicals
The imposition of windfall tax on crude oil was introduced in 2022 to address excessive profits during high prices
Crude oil prices have been steadier on Thursday around $70.50/b in Asian hours, ahead of the weekly EIA inventory release from the US.
At present, the prospects for oil are looking better for consumers like India despite the escalating hostilities
Projected capacity increases aim to address domestic energy needs and enhance global supply
Houthi missile strikes on tankers have threatened the competitiveness of Indian fuel exports, prompting out-of-the box solutions like hiring VLCCs to transport fuels