India asks OPEC to correct anomalies in crude price for different regions
NEW DELHI: India, the world’s third-largest oil importer, on Thursday pressed for assessing the impact of COVID-induced disruptions to global energy sector supply chains and said oil-cartel OPEC needs to address anomalies in the crude price differential for different regions. Speaking at the 4th high-level meeting of the India-OPEC Energy Dialogue, Oil Minister Dharmendra Pradhan […]
OPEC+ will ensure oil prices do not plunge again, says OPEC chief
By Ahmad Ghaddar, Alex Lawler LONDON: The OPEC+ alliance will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said on Thursday, adding that demand has been recovering more slowly than expected. “I want to assure you that the OPEC, non-OPEC partnership […]
Qatar to quit OPEC in 2019
DOHA: Qatar is to leave Organization of the Petroleum Exporting Countries (OPEC) next month in order for the Gulf state to focus on gas production, Energy Minister Saad al-Kaabi announced on Monday. “Qatar has decided to withdraw its membership from OPEC effective January 2019,” Kaabi said at a Doha press conference. He added that Qatar […]
OPEC considers 2019 oil production cuts in yet another U-turn
The wind changed again in a stormy oil market as Organization of Petroleum Exporting Countries (OPEC) signaled it will consider a return to cutting output next year, potentially making the second production U-turn this year. Amid a summer of rising prices and unprecedented political pressure from President Donald Trump, Saudi Arabia, Russia and other producers […]
India presses OPEC for responsible pricing of oil
NEW DELHI: India, the world’s third-biggest oil consumer, on Wednesday pressed Organization of the Petroleum Exporting Countries (OPEC) to move to responsible pricing of oil and gas saying the recent spike in rates are far detached from market fundamentals and are hurting importing nations. A combination of crude oil climbing to four-year high and rupee […]