India’s top refiner, Indian Oil Corporation Ltd (IndianOil), has forgone buying U.S. crude at this week’s tender, instead opting for Middle Eastern and West African crude, sources in the oil trade industry told Reuters on Friday. At the previous tender last week, IOC bought as many as 5 million barrels …

OPEC crude production rose by about 400,000 barrels per day (bpd) in August, reaching 28.55 million bpd, according to a Bloomberg survey published on Wednesday. Saudi Arabia accounted for just over half of the increase, restoring barrels previously curbed under voluntary cuts. The United Arab Emirates and Nigeria also contributed, …

Oil prices slid on Thursday, extending a decline of more than 2% in the previous session, as investors and traders look ahead to a weekend meeting of OPEC+ where producers are expected to consider another increase in output targets. Brent crude fell 46 cents, or 0.7%, to $67.14 a barrel …

U.S. President Donald Trump said that Chinese President Xi Jinping is conspiring with Russia’s Vladimir Putin and North Korea’s Kim Jong Un against the United States as the three leaders put up a united front at a Beijing military parade in what observers see as a show of strength defying …

Oil prices slumped by 2% early on Wednesday as the market turns its attention to this weekend’s OPEC+ meeting, at which the group may decide to tap the last remaining production cuts and raise output from October even further. In the early morning ET on Wednesday, WTI Crude prices were …

Over the past decade, the Gulf Cooperation Council (GCC), comprising Saudi Arabia, Qatar, the UAE, Bahrain, Kuwait, and Oman, has advanced bold strategies to reshape its economies by reducing reliance on oil while developing new sectors like renewable energy, tourism, financial services, and digital innovation. Charting a course toward long-term …

Brazil wants a seat at the International Energy Agency’s table, filing a formal request this week to move from partner status to full membership. On Tuesday in Paris, Brazil’s ambassador delivered a letter from Foreign Affairs Minister Mauro Vieira and Mines and Energy Minister Alexandre Silveira to IEA chief Fatih …

Saudi Arabia’s budget deficit is growing this year as oil prices are down from last year’s levels and well below the $90 per-barrel price the Kingdom is estimated to need to balance its budget. Brent Crude oil prices have declined by about 8% since the beginning of the year, at …

India’s manufacturing activity, which consumes about half of the country’s power supply, surged in August to the highest level in 17 years, driving the fastest growth in electricity generation in five months. India saw a 4% rise in power generation in August, according to a Reuters analysis of data from …

Malaysia’s national energy giant Petronas booked lower revenues and profits amid falling oil prices and a challenging macro and operational environment, which also led to a 3% decline in first-half oil and gas production. Petronas reported a 24% decline in revenues and a 19% drop in profit after tax, due …