Page 12 - Oil Production

Iraq seeks exemption from OPEC deal curbing oil production in Q1 2021

Abdul Jabbar said last month that Iraq would cut its oil production by an additional 400,000 bpd in August and September to compensate for its overproduction in the three previous months

Hurricane Laura poses biggest storm threat to US oil output in 15 years

Oil producers on Tuesday had evacuated 310 offshore facilities and shut 1.56 million barrels per day (bpd) of crude output

Energy firms shut 58% of US Gulf of Mexico oil output due to storm threat

Energy firms shut 57.6%, or 1.07 million barrels per day (bpd), of offshore crude oil production in the US Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura

China ramps up US oil purchases ahead of trade deal review: Report

China had emerged as a top U.S. crude buyer, taking $5.42 billion worth in 2018 before trade tensions brought flows to a near halt

Oil prices head for second weekly gain amid hopes for fuel demand recovery

Brent crude was up 14 cents, or 0.3%, at $45.10, heading for a gain of about 1.6% this week

OPEC+ has tricky balancing act keeping $40/b oil price floor

There is still a long way to go before Asian demand can be relied upon again

Oil firms collectively cut the value of their assets by nearly $50 bn in Q2

London-based BP has previously said it plans to cut its overall output by roughly 1 million barrels of oil equivalent (boepd) by the end of 2030 from its current 3.6 million boepd

End game for oil? OPEC prepares for an age of dwindling demand

OPEC faces a dramatic adjustment if consumption starts a permanent decline

India mulls doubling oil refining capacity to 450-500 mt by 2030: Pradhan

India plans to almost double its oil refining capacity to 450-500 million tonnes in the next 10 years to meet the rising domestic fuel demand as well as cater to export market, Oil Minister Dharmendra Pradhan said on Tuesday. Speaking at a webinar on 'Atmanirbhar Bharat: Fostering Domestic Steel Usage in Oil & Gas Sector', he said construction of a new 60 million tonnes a year west coast refinery, which is crucial to the capacity doubling plan, will start soon. "Our refining capacity will increase from about 250 million tonnes per annum now to 450-500 million tonnes in next 10 years," he said. The capacity addition will be both brownfield (expansion of existing units) and greenfield (new refineries), he said. The refining capacity of 249.9 million tonnes exceeded the fuel demand of 213.7 million tonnes in 2019-20, but the demand is likely to rise to 335 million tonnes by 2030 and 472 million tonnes by 2040. International Energy Agency (IEA) forecast that India's fuel demand will .

ONGC seeks crude price assurance of $45 per barrel, cuts capex by 15%

The largest domestic oil and gas producer had budgeted a capex of Rs 32,502 crore for the financial year, which has now been cut to around Rs 27,500 crore.

'Too much, too fast' commodity rally unsustainable, says Goldman

The Wall Street bank sees downside risks in agricultural and energy markets, citing the recent strength as surprising given the massive inventory overhangs and depressed demand

Opec, Russia meet to extend record oil supply cuts, push for compliance

An extension to cuts was contingent on high compliance, three Opec sources told Reuters

Oil slips as traders eye Opec-plus meeting to extend production cuts

Brent crude fell 34 cents to $37.50 a barrel, in the first day of trading in the contract with August as the front month

Head versus heart

This is a false dichotomy, the Indian economy can be rebooted and the Covid-19 virus contained concurrently

Refiners stare at Rs 25,000 cr inventory loss as oil prices slump: Crisil

Crude prices nosedived from an average $55 per barrel in February to $33 in March and around $20 at the end of March as demand slumped because of the COVID-19 pandemic

ICICI Bank confirms exposure to Singapore-based oil trader Hin Leong

The Bank did not elaborate the extent of its exposure and the steps it is taking to protect its interest

Branded edible oil reaches only a few retailers, prices up as stocks fall

With hotels and food processing units still shut, and with labour and logistics hiccups, edible oil availability in April has been 1.5 million tonnes as against the usual 2 million tonnes

Amid falling global prices, US and Mexico agree to cut crude oil output

The OPEC nations have agreed to "a different limit reduction of about 23 per cent", said US President Donald Trump

Mexican standoff throws proposed 10 mn-barrel OPEC+ oil cut in doubt

The cartel, Kuwait and Saudi Arabia say Mexico's refusal to agree blocked the proposed accord

OPEC+ likely to cut oil production only if US joins efforts: Report

Worldwide oil demand has dropped by roughly 30%, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.