Oil

India has accumulated huge oil reserves during the pandemic, taking advantage of the depressed prices and lack of demand across the world. State-funded strategic crude oil reserves are meant to tackle emergency situations and allow the Modi government to tide over short-term supply disruptions. The Indian government revealed on Tuesday …

Oil prices dipped on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with the main crude benchmarks on track for their first monthly falls in multiple months after slipping last week. Brent crude fell 37 cents, or 0.9%, to $41.55 a barrel by 0652 …

Commercial oil inventories in OECD countries are expected to stand slightly above the five-year average in the first quarter of 2021, before falling below that level for the rest of the year, OPEC Secretary General Mohammad Barkindo said on Sunday. The level of oil stockpiles in the developed OECD countries …

Russia expects its oil production to increase after the current OPEC+ deal on output curbs runs its course in April 2022, data from the economy ministry published on Saturday showed. Russia, which the ministry expects to produce 507.4 million tonnes of oil this year, is seen increasing its production over …

The OPEC+ production cuts and curtailments in the United States are set to help global inventories to continue drawing down for the rest of the year and most of next year, resulting in a relatively balanced market by the end of 2021, the U.S. Energy Information Administration (EIA) said on …

A new wave of coronavirus lockdowns is already slowing oil’s price recovery. Now, commodity traders have a new headache: Libya. The civil-war-torn country’s oil industry has been all but shut down since January. But it looks as if exports will restart imminently thanks to a truce and an agreement between …

OPEC basket price dropped today, Tuesday, to 41.49 dollars due to weak demand after a new of wave of Covid-19. OPEC said in a statement received by Shafaq News agency that “the price of OPEC’s basket of thirteen barrels of crude decreased by 1.49 dollars to record 41.49 dollars per …

Oil prices have slipped after Libyan commander Khalifa Haftar said his forces would lift the eight-month blockade of oil exports. Furthermore, rising Covid-19 cases added to the concerns regarding fuel demand. However, a tropical storm passing towards the US Gulf of Mexico restricted further losses. Brent crude LCOc1 fell by …

Saudi energy minister Prince Abdulaziz bin Salman delivered yet another warning to OPEC+ compliance laggards, saying at a Sept. 17 monitoring committee meeting that failing to execute pledged production cuts was undermining the alliance’s efforts to rebalance the oil market. “Repeated promises that are not carried through in a timely …

Amid growing ‘crude’ concerns, the Organisation of Petroleum Exporting Countries and its allies (OPEC+) are preferring to keep their cards to the chest. After their virtual meeting last Thursday, the Saudi energy minister Prince Abdulaziz bin Salman underlined, ‘OPEC+ would take a pro-active and pre-emptive stance in addressing oil market …