Page 2 - Oil Supply

OPEC+ considers output-limit cut of as much as 2 million barrels a day

OPEC+ is considering its biggest production cut since 2020 as it tries to stabilize oil prices, a move that risks cranking up tensions with Washington

Numaligarh Refinery to invest Rs 35,000 cr in major ongoing projects

The Numaligarh Refinery Ltd (NRL) has planned to invest Rs 35,000 crore for completion of its five major ongoing projects, including the India-Bangladesh Friendship Pipeline (IBFPL), in the next five years, a top company official said on Monday. The company is determined to execute the major ongoing initiatives, namely, Numaligarh Refinery expansion, Paradip Numaligarh crude oil pipeline and crude oil import terminal at Paradip, 2G ethanol project and IBFPL, Chairman cum Managing Director Ranjit Rath told reporters after the annual general meeting. "In the next five years, the company has planned to invest more than Rs 35,000 crore in completing these projects," he said. The projects will enable long-term business growth, and completion of these initiatives without any time and cost overrun remains the core focus area of the company, Rath said. The approved cost of the expansion project is Rs 18,968 crore and as on June 30, 2022, the physical progress was 14.1 per cent and the ...

Putin blames Germany and West for Nord Stream 1 shutdown at economic forum

President Vladimir Putin said on Wednesday that Russia would resume gas supplies to Germany through the Nord Stream 1 pipeline as soon as a key turbine was returned

Russia is China's top oil supplier for third month in July: Report

Russia is China's top oil supplier for a third month in July, media reports said citing data released by the Chinese General Administration of Customs on Saturday

Oil dips as investors torn by tight supply worries and recession fears

Oil prices slipped in early Asian trade after a rebound in the previous session, as investors remained torn between worries over tight global supplies and fears a recession could dampen demand

Russia may be India's biggest crude supplier in June, a historic first

Russian oil is on pace to account for 21 per cent of all imports into India, shrinking the shares of Iraqi and US crude

Oil prices fall after three-day rally; concerns on supply shortage remain

U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel at 0150 GMT, giving up earlier gains

Oil trades sideways on fears of slower demand, supply uncertainty

Oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling U.S. economic activity with supply uncertainty

Oil prices rise in early trade on market caution over supply concerns

Oil prices rose 1per cent in early trade on Tuesday, clawing back more of last week's losses as the focus returned to tight supply of crude and fuel products

Oil inches higher ahead of US inventories data, supported by tight supplies

Oil prices edged up ahead of data on US oil inventories, with crude futures supported by tight supplies and recovering fuel demand as China's top cities relax Covid-19 curbs

India's petrol and diesel sales soar 56% in May on surge in summer travel

India's petrol and diesel sales soared in May on the back of a surge in summer travel to escape from the heat and vacation at educational institutions, preliminary industry data showed

Global refiners struggle to meet global demand amid high prices, shortage

Refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the US and Brazil

Oil prices climb on prospects for tighter supply as demand rises

Oil prices rose in early trade on Wednesday, boosted by tight supplies and the prospect of rising demand from the upcoming start of the US summer driving season

Oil prices rise from three-week low as supply concerns linger

Japan will release 15 million barrels of oil from state and private reserves as part of the move, Kyodo news agency reported on Thursday

Oil prices see-saw amid hopes of new Iran deal, supply woes linger

Crude prices declined in volatile trading on Thursday as investors assessed the potential for new supply in the tight markets amid prospects of a new Iran deal

Top headlines: Putin says Kyiv dragging negotiations; oil rally continues

Here are the top headlines on Friday

IEA urges reduced transport to cut oil use amid supply crunch

By Noah Browning

Vedanta's Anil Agarwal bets $4 bn on oil hunt amid price surge

Cairn's plan stands out compared to producers around the world, most of whom are staying away from committing investments in oil and gas

Oil firms amid supply worries, but heads for sharp weekly decline

Brent crude futures climbed $2.48, or 2.27%, to $111.81 a barrel at 0747 GMT after dropping 1.6% in the previous session.

Oil crawls higher on supply doubts, but heads for sharp weekly decline

Oil prices clawed back some losses on Friday but were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil