Crude Oil Production

India's crude oil production fell 1 per cent in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.

The average selling price for crude oil in April was 104.09 dollars per barrel, according to a ministry statement, citing statistics from the State Organization for Marketing of Oil

According to the brokerage house's estimates, the Centre has the financial capacity to take the hit on its own income statement without breaching the fiscal deficit targets

The sharp price hikes are tracking strong gains in Middle East benchmark Dubai last month which reached record levels as buyers faced limited options amid tight supplies

Brent crude topped $112 a barrel on Wednesday, the highest since 2014, shrugging off news that several developed countries plan to release a record 60 mn barrels of petroleum reserves to cool prices

The refiner had earlier planned to shut a crude unit at its 704,000 barrels per day (bpd) refinery for about three weeks in March, sources said. The refinery has two equal size crude units

With KG-D5 going live, oil production is estimated to rise to 24 million tonnes in 2023-24 and gas to rise to 32.16 bcm, said Anurag Sharma, director (onshore) and interim director (finance) of ONGC

Futures pulled back amid a broader decline in financial markets triggered by the March interest rate increase telegraphed by the Fed and a surge in the U.S. dollar

India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in December 2021

State-owned oil company Petroleos de Venezuela exceeded one million barrels of crude produced per day at the end of 2021, double what it recorded a year ago, the country's Oil Minister announced

By Alex Lawler

The announcement was made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start of the kingdom's first-ever Saudi Green Initiative Forum

Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month

The nearest month any increase could occur is November since OPEC+'s last meeting decided the October volumes

Refiners processed 4.36 million barrels per day (18.44 million tonnes) of crude oil last month, the lowest since October 2020 and about 4.8% lower than 4.58 million bpd processed in July.

Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose

Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to US Gulf production from Hurricane Nicholas receded

Two OPEC+ sources said the group's experts revised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd), up from the previous forecast of 3.28 million bpd.

India's crude oil production continued its declining trend, falling by over 3 per cent in July as state-owned ONGC produced less than the target.

Brent crude was up about $1, or 1.4%, just above $70 a barrel by 1125 GMT. US WTI crude oil gained 84 cents, or 1.25%, to $67.43.