Crude Oil Production

India's crude oil production falls 1% in April on account of lower output

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.

Iraq exports over 100 million barrels of crude oil in April: Oil ministry

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

Centre has room to isolate consumers from 15% hike in crude prices: MOFSl

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

Saudi Arabia may raise April crude prices to Asia to all-time highs

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

Oil markets hit multiple milestones after sanctions on Russia

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

Reliance delays 21-day crude unit shutdown to September: Report

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

ONGC seeks peak oil and natural gas output from KG block in FY24

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

Oil falls on profit-taking as Brent surges $90 barrel on US rate hike buzz

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 oil production continues to slip, ONGC output down 2% in Dec

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

Venezuela surpasses 1 million barrels of crude produced per day

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

Oil approaches $84 as lifting of US travel ban boosts demand

LONDON (Reuters) -Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.

Major oil producer Saudi Arabia announces net-zero emissions by 2060

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

Saudis triumph in oil market with comeback from Covid-19 crisis

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

OPEC+ considers options for releasing more oil to the market: Sources

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

Indian refiners' August crude processing lowest in 10 months

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 down on stronger greenback, rising US rig count

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 slips to $75 as threat to US Gulf production from storm wanes

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

OPEC+ raises 2022 oil demand growth forecast as US pushes to hike output

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 continues to fall, dips 3.2% in July

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. The country's crude oil production declined by 3.2 per cent in July to 2.5 million tonnes when compared with the previous year, and by 3.37 per cent in April-July to 9.9 million tonnes, according to data released by the Ministry of Petroleum and Natural Gas on Tuesday. Oil and Natural Gas Corporation (ONGC), the nation's largest oil and gas producer, produced 1.6 million tonnes of crude in July. This was 4.2 per cent lower than last year and 3.8 per cent less than the target of 1.7 million tonnes. During April-July, ONGC's oil output fell 4.8 per cent to 6.4 million tonnes. Natural gas production showed a contrasting trend. Helped by KG-D6 fields of Reliance-BP, gas production rose 18.36 per cent year-on-year to 2.9 billion cubic metres and by almost 20 per cent in April-July to 11 bcm. While gas production from ONGC's fields fell over 1

Oil steadies but Delta variant outbreaks cloud demand prospects

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.