Page 7 - Oil Production

Oil climbs to fresh four-week high as Omicron concerns ease

Futures in New York traded above $73 a barrel, though liquidity is dwindling heading into the holiday period

Global equities and oil prices slump on Omicron and growth fears

The spread of the Omicron variant saw the Netherlands go into lockdown on Sunday and put pressure on others to follow, though the United States seemed set to remain open

Oil producers artificially adjusting supply leading to price rise: Govt

India last month agreed to release five million barrels of crude oil from its Strategic Petroleum Reserves

Confusing signals for OMCs with crude supply-demand equation set to change

Lower oil prices can improve margins, but they could impact inventory value while a third Covid wave can potentially hurt growth

Omicron threatens oil demand recovery, already hit by Europe's rising cases

Governments worldwide imposed travel curbs on travellers from southern Africa during the weekend to limit the spread of Omicron, first detected in South Africa

Oil settles down $10 per barrel in largest daily drop since April 2020

Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand

Oil producers cannot hold consumers to ransom, says Hardeep Singh Puri

Puri blamed the key producers for keeping supplies lower than demand

US to sell 32 million barrels of mostly sour crude from 4 SPR sites

The sale of SPR oil, which is mainly blended sour crude, is expected to depress the value of U.S. sour crude Mars and benefit buyers in Asia which processes mainly high-sulphur oil

Oil prices drop as coordinated reserve release eases some supply fears

U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day

US marshals other nations, challenges OPEC+ with release of oil reserves

WASHINGTON (Reuters) - The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

Goldman Sachs says global oil reserves release 'a drop in the ocean'

Global oil prices rebounded to a one-week high on Tuesday after the move by the United States and other consumer nations to release oil from strategic petroleum reserves

India's crude oil production falls 2.15% in October, gas output rises

India's crude oil production fell 2.15% in October as state-owned firms produced less but, natural gas output rose by a quarter on the back of output from KG-D6 fields of Reliance-BP

Oil prices settle up 1% on reports OPEC+ could reassess output

NEW YORK (Reuters) -Oil prices rose on Monday, rebounding from recent losses, on reports that OPEC+ could adjust plans to raise oil production if large consuming countries release crude from their reserves or if the coronavirus pandemic dampens demand.

Japan, India working on oil-stock release with US, timing unclear: Sources

The U.S. government has been unable to persuade OPEC+ to pump more oil, with major producers arguing the world was not short of crude.

Oil prices off 7-week lows but under pressure as release of reserves eyed

Brent lost 26 cents, or 0.3%, to $78.63 a barrel as of 0725 GMT and U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.2%, at $75.82 a barrel

Oil dives 3% to below $80/bbl on resurgent pandemic in Europe

NEW YORK (Reuters) - Oil prices fell about 3% to below $80 a barrel on Friday as surging COVID-19 cases in Europe threatened to slow the economic recovery while investors also weighed a potential release of crude reserves by major economies to cool prices.

Oil hovers above six-week low as China readies crude reserve release

Prices fell to the six-week lows early in the session as China said it was moving to tap reserves

ONGC must engage pvt sector to boost domestic output: Oil secy Tarun Kapoor

Wants the energy giant to increase area under exploration; options on the table include selling stake to private players, exploring partnerships

Oil prices gain after OPEC+ producers hold firm on supply

Brent crude rose 53 cents or 0.7% to $81.07 a barrel by around 0805 GMT, after falling nearly 2% on Thursday

Oil prices hit two-week low on Iran talks resuming, US crude build

Brent crude was $1.06, or 1.2%, lower at $83.52 a barrel by 12:31 p.m ET (1631 GMT), having hit a two-week low of $82.32 earlier in the session and falling 2.1% on Wednesday.