Page 3 - Crude Oil Production

Opec cuts output to lowest since 1991 as coronavirus slams oil demand

The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month, according to the survey.

54 employees test positive, ONGC halts operations at two drilling rigs

A company official said work stopped temporarily only at two rigs and the remaining 34 in the offshore were operational. He added there was no impact on the company's production.

Assam well fire: Over 7,600 MT crude oil production lost due to blockades

Locals said the fire had left a trail of devastation in the adjoining areas, including a famous lake; Farms with standing crops as well as ponds and wetlands have also been affected

Oil pips $40 for first time since March on OPEC cuts, demand recovery seen

Brent has more than doubled after hitting a 21-year low below $16 in April, when U.S. crude went negative

April refinery output down 29%, natural gas falls 19% as consumption tapers

Industry experts say consumption of petroleum products in April was only 30-40% of what it had been prior to lockdown

Ajay Dixit exits Cairn, is fifth CEO to quit firm since Vedanta acquisition

Cairn Oil & Gas said in a statement that Dixit is superannuating at the end of his five-year term at the group in May

Soft crude oil prices to lower working capital requirement of OMCs

According to CARE Ratings, the impact of a fall in crude oil price owing to the coronavirus (Covid-19) pandemic on the domestic downstream sector would not be as severe as it is on the upstream sector

Covid-19 impact: Tanker rates boom as demand for oil storage surges

Vessel charges jump up to seven times to $160,000-170,000 per day since February

Covid-19 impact: India crude oil production plummets 5.5% in March

The cumulative crude oil production during 2019-20 was 32.1 million tonne, 5.95 per cent lower than production of 34.2 mt during the corresponding period of last year

Reliance's Jamnagar refinery cuts crude processing by 24% as demand slumps

RIL's 35.2 million tonnes a year SEZ refinery processed 2.51 million tonnes of crude oil into fuel in March, a drop of 24 per cent year-on-year

MCX creates history of sorts, settles April crude oil contract in negative

Chances of huge defaults by investors, many of whom are retail traders gone long; On Nymex, there were actual trades in minus in which sellers were actually paying buyers to lift stocks

Oil firms float finished fuel products on Arabian Sea as demand slumps

They're running out of storage space on land and their refineries are running only at 50% of capacity; US Oil futures touch an unprecedented negative pricing

Mexican standoff throws proposed 10 mn-barrel OPEC+ oil cut in doubt

The cartel, Kuwait and Saudi Arabia say Mexico's refusal to agree blocked the proposed accord

Coronavirus impact: The world is running out of places to store its oil

This chaotic mismatch in supply and demand has benefited consumers, who have watched gasoline prices slide lower

As coronavirus outbreak destroys fuel demand, global refiners consider cuts

Traders, all speaking on condition of anonymity, said it was extremely difficult for refiners to plan their run rates because the situation changes every day

Oil posts biggest weekly losses since 2008, hit by virus and price war

The rare combination of severe shocks to both supply and demand has caused the crude market to collapse

'Crazy' Saudi oil price cuts seen reigniting market share war with Russia

Deal between Russia and OPEC shook on Friday when OPEC, led by Saudi Arabia, failed to reach agreement with the world's No. 2 oil producer Russia to deepen production cuts aimed at shoring up prices.

Bracing against Brent

It is time for India to be imaginative about its energy strategy

Buoyed by signs of improving trade relations, oil starts 2020 on a high

Oil was also boosted by optimism that trade talks between the world's two largest economies will support demand

Oil edges further above $65 a barrel on US, China trade deal, supply cuts

Brent crude rose 29 cents to $65.63 a barrel by 1305 GMT, while US West Texas Intermediate crude added 18 cents to $60.39