Crude oil plunges to lowest since 1986 at $10.34 a barrel

Oil prices have collapsed by more than 60% since January to levels well below the costs necessary for many shale drillers to break even, leading to drilling halts and drastic spending cuts. 

Apr 20, 2020, 21:45 PM IST

Saudi, Russia outline record oil cut under US pressure as demand crashes

The planned output curbs by OPEC+ amount to 10 million barrels per day (bpd) or 10% of global supplies, with another 5 million bpd expected to come from other nations to help deal with the deepest oil crisis in decades.

Apr 10, 2020, 10:48 AM IST

UAE assures supply of oil, LPG to India despite tanker attacks: Pradhan

India is 83 percent dependent on imports to meet its oil needs and is reliant on nations like the UAE to meet half of its cooking gas (LPG) needs.

Jun 18, 2019, 10:11 AM IST

Brent oil rises for second day after Middle East tanker attacks

The attacks near Iran and the Strait of Hormuz pushed oil prices up as much as 4.5% on Thursday, putting the brakes on a slide in prices in recent weeks over concerns about global demand. US crude. 

Jun 14, 2019, 14:53 PM IST

OPEC cuts 2019 oil demand growth forecast, sees more downside risk

World oil demand will rise by 1.14 million barrels per day this year, 70,000 bpd less than previously expected, the Organization of the Petroleum Exporting Countries said in a monthly report.

Jun 13, 2019, 17:46 PM IST

OPEC, allies agree to reduce crude production by 1.2 million barrels/day

The 15-member group agreed to cut crude oil output by 800,000 barrels per day, while Russia and its allied producers would slash oil production by around 400,000 barrels per day.

Dec 08, 2018, 09:37 AM IST

With deadline for Iran sanctions looming, top US envoy to visit India for talks on oil

Special Representative for Iran Brian Hook will be in the country this week to find alternatives once US sanctions against Iran come into effect.

Oct 12, 2018, 08:13 AM IST

Sun's rays will replace oil wells in the future: PM Modi outlines vision for solar energy

"We have a dream One World, One Sun One Grid."

Oct 02, 2018, 23:50 PM IST

Iran slams Donald Trump's 'interfering' remarks on OPEC

Trump`s order for oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market," minister said.

Jul 08, 2018, 07:15 AM IST

Under pressure from US, India may cut oil imports from Iran: Sources

Following US reimposing sanctions on Iran, India could be taking a second look at importing oil from the country and may instead seek a boost from OPEC.

Jun 28, 2018, 16:30 PM IST

India discusses 'Oil Buyers Club' with China; seeks US crude to counter OPEC

Production cuts by OPEC have led to international oil prices hitting a four year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices.

Jun 13, 2018, 18:02 PM IST

Oil prices slump as OPEC and Russia consider output boost

Brent crude futures fell $2.35, or 3 percent, to settle at $76.44 a barrel. 

May 26, 2018, 09:02 AM IST

Increase in fuel prices due to reduced production of oil in OPEC, solution soon: Union Petroleum Minister Dharmendra Pradhan

Petrol prices on Sunday touched a record high of Rs 76.24 per litre and diesel climbed to its highest-ever level of Rs 67.57 as the oil PSUs passed on four weeks of relentless rise in international oil prices to consumers.

May 20, 2018, 22:50 PM IST

IOC Q3 profit beats estimates, profit doubles to Rs 7,883 crore

The PSU booked higher inventory gains due to a sharp rise in global oil prices.

Jan 30, 2018, 17:28 PM IST

Brent oil hits $71 for 1st time since 2014 as dollar drops, US stocks decline

Analysts said that rising oil prices would likely start to have an inflationary effect.

Jan 25, 2018, 11:26 AM IST

Oil prices slip as analysts warn of correction after 13% gain in the past month

Brent crude futures were at $69.07 a barrel at 0441 GMT, down from a high of $69.37 earlier in the day and 18 cents below their last close.

Jan 17, 2018, 12:36 PM IST

Oil prices near three-year highs, supported by healthy demand

Prices have been driven up by production curbs in OPEC nations and Russia, as well by strong demand thanks to healthy economic growth.

Jan 16, 2018, 12:45 PM IST

Oil bounces back from losses prompted by US fuel stocks

Data from the Energy Information Administration (EIA) on Wednesday showed that US crude oil inventories fell by 5.6 million barrels in the week to December 1, to 448.1 million barrels, putting stocks below seasonal levels in 2015 and 2016.

Dec 07, 2017, 21:26 PM IST

Oil steadies above $62 per barrel, expected fall in US inventory supports

An OPEC-led producer group last week extended a supply-cutting deal through 2018, but the resulting support for prices could bolster US output which climbed to nearly 9.5 million barrels per day in September.

Dec 05, 2017, 16:43 PM IST

OPEC will stick to policy in second half of 2018: Saudi Arabia

Saudi Arabian energy minister Khalid al-Falih was speaking after meeting with US Energy Secretary Rick Perry, who said OPEC would make its own decisions and that he was comfortable the United States could work within those parameters.

Dec 04, 2017, 13:49 PM IST