OPEC CUTS
World oil prices soar on sudden OPEC+ output cut
The surprise production cut by OPEC+ will eliminate the current supply surplus and push world oil markets into a deeper deficit later this year.Before the intervention, global oil supply was set to exceed demand by about 500,000 barrels a day from April to June, before flipping into a deficit in the s...
Oil surges on surprise OPEC+ output cut; Vandana Hari of Vanda Insights explains
Oil prices soared almost six percent in Asian trade Monday morning after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day. Is it desperation by OPEC+ to protect market share amid Russia deals? Vandana Hari of Vanda In...
Joe Biden calls OPEC production cuts a 'disappointment'; says exploring alternatives
President Joe Biden calls the decision by OPEC+ to cut oil production a "disappointment" but says the White House is exploring "alternatives." Biden didn't expand on what the alternatives might include as he departed the White House for New York, saying only, "There...
OPEC+ cuts oil production: US 'will take action' against Saudi Arabia, says Joe Biden
President Joe Biden vowed the U.S. "will take action" against Saudi Arabia after the Riyadh-led OPEC+ alliance moved to cut oil production. Biden made the comments as he left the White House for a three-state tour out West. (AP)OPEC+ cuts oil production: US 'will t...
OPEC, allies agree to keep oil production cuts in place, prices jump
Members of oil producer cartel OPEC and allied countries have agreed to leave most of their existing oil production cuts in place as the spread of new coronavirus variants prolongs concerns about economic weakness. OPEC countries led by Saudi Arabia joined with non-members led by R...
Watch: OPEC agrees oil cut extension to end of 2018
OPEC agreed on Thursday to extend oil output cuts until the end of 2018 as it tries to finish clearing a global glut of crude while signalling it could exit the deal earlier if the market overheats.Watch: OPEC agrees oil cut extension to end of 2018
India-China buyers club: How two biggest importers are manoeuvring to cut OPEC to size
The old power structure of world oil markets could be on the verge of a potentially far-reaching shift. India and China, the two biggest importers of crude oil, have neared a deal to set up a buyers' bloc that may tilt bargaining power in importers' favour. Ankit
Watch: OPEC meets tomorrow to mull output cut extension
With bills rising for gasoline or heating oil, consumers around the world are paying the price for a decision by OPEC and Russia last year to cut production. The strategy is working for those oil-producing nations and will likely be extended at a meeting Thursday. Benchmark crude prices are now
OPEC agrees first output cut since 2008
Opec has agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting "a big hit" on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.OPEC agrees first output cut since 2008
OPEC agrees first output cut since 2008
Opec has agreed its first limit on oil output since 2008, sources in the producer group told Reuters, with Saudi Arabia accepting "a big hit" on its production and agreeing to arch-rival Iran freezing output at pre-sanctions levels.OPEC agrees first output cut since 2008
Oil prices spike to highest level since 2015 on new deal
Brent crude futures, the international benchmark for oil prices, soared to $57.89 per barrel as OPEC and non-OPEC producers reached their first production cut deal since 2001 to rein in oversupply.Oil prices spike to highest level since 2015 on new deal
Oil prices spike to highest level since 2015 on new deal
Brent crude futures, the international benchmark for oil prices, soared to $57.89 per barrel as OPEC and non-OPEC producers reached their first production cut deal since 2001 to rein in oversupply.Oil prices spike to highest level since 2015 on new deal
OPEC: No cut in crude oil output
OPEC members agreed to stick to the oil-producer group’s existing output target—a move that would require modest cuts in production but which stops well short of the stronger action some members had called for to bolster prices.OPEC: No cut in crude oil output
Crude prices fall on talk of OPEC output cut
Brent crude oil consolidated around $99 per barrel, recovering from a sharp sell-off, on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output.Crude prices fall on talk of OPEC output cut
India must cut gas subsidies: Fereidun Fesharaki
Renowned energy expert Fereidun Fesharaki talks to ET Now on the global energy scenario. Fesharaki says that OPEC has no choice but to let the price of crude oil go down, as low cost producers have come in. He says that low crude prices are a shot in the arm for India, but that gas subsidies must be r
Crude falls below $46 as OPEC refuses to cut output
Crude prices fell to a six-year low as OPEC refuses to cut output to counter the glut in the market. Goldman Sachs, SocGen and Blackstone, BoA-ML predict further fall in prices. Watch the video to know views of global experts on how oil prices are likely to behave and what impact will it have on th
OPEC cuts oil demand forecast on growth concerns
OPEC cuts oil demand forecast on growth concerns
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