Saudi Arabia on Sunday announced cuts of 1 million barrels per day in oil output starting in July, while the rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024
US benchmark crude oil picked up 55 cents to $80.53 per barrel in electronic trading on the New York Mercantile Exchange
Apart from hoisting the windfall tax on crude oil, the centre has also made some other significant changes as well
The 23-member group is meeting on Sunday at OPEC headquarters in Vienna after sending mixed signals about possible moves
White House officials claim the Organization of Petroleum Exporting Countries and its allies cut oil production by mistake, favoring the Russians.
"We will not allow any shortages to come in. The government will do all that is required to ensure energy security and affordability," he said
India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa
Petroleum and gas prices have started to rise and are expected to further rise as oil producing cartel OPEC reduces oil production.
The increase is a boon for the kingdom and the crown prince's spending power as people around the world pay higher gas prices at the pump while energy...
Only hours before his death, he'd met with Nigeria's president and spoken in defence of the energy industry amid increasing climate change pressure
Mohammad Barkindo, 63, died late Tuesday, a spokesperson for Nigeria's petroleum ministry told The Associated Press. The reason for his death was not...
The decision on Thursday steps up the pace by the alliance, known as OPEC+, in restoring cuts made during the worst of the pandemic recession.
In a new report on the global energy transition, International Renewable Energy Agency has proposed a host of measures to switch to clean energy
India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth.
Across the country as well, the prices largely remained unchanged on Tuesday but the retail rates varied depending on the level of local taxes.
The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a. m. on November 4 from previous day's Rs 110.04 a litre, remains at the same level....
The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a. m. on November 4 from previous day's Rs 110.04 a litre, remains at the same level....
The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-members led by Russia, approved an increase in production of 400,000 barrels per day...
Lack of demand for oil since the Covid lockdown has put huge pressure on global oil producers
According to US Energy Information Administration, India has the 2nd largest proven oil reserves in Asia-Pacific region but, so far the production is done only...
The negative oil price has also highlighted the failure of Organization of the Petroleum Exporting Countries (OPEC+) and G20 to bring about the oil balance for...
Until the lockdown is removed in most of the countries, the aeroplanes start to operate, the economy starts humming (not necessarily to the full capacity) and...
The Saudi Kingdom calls upon the international community to assume its responsibility in condemning those that stand behind the drone attack on Saudi Arabian...
Qatar has played its diplomatic game adroitly through the Gulf crisis winning over the sympathies of most countries while keeping the doors open for justified...
The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news...
