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  What are OPEC and OPEC+? how does it affect global oil prices I INSIGHTS

  World | June 02, 2024 23:08 IST

  OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025, exceeding expectations, as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production.

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  Oil producers, OPEC+, led by Saudis extended supply cuts amid slack prices

  World | June 02, 2024 22:15 IST

  Saudi Arabia and allied oil producing countries on Sunday extended output cuts through next year, a move aimed at supporting slack prices that haven't risen even amid turmoil in the Middle East and the start of the summer travel season.

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  Russia, Germany, and UK urge restraint amidst rising tensions in the Middle East

  World | April 12, 2024 9:48 IST

  Amid escalating tensions sparked by an Iranian threat to strike Israel, Russia, Germany, and Britain have called for restraint in the Middle East. This comes after an airstrike on Iran's embassy compound in Damascus claimed the lives of a top Iranian general and six other military officers.

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  Russian fighter jets escort Putin's plane en route to Abu Dhabi I Watch ROBUST security video

  World | December 06, 2023 18:30 IST

  Notably, Putin is visiting the United Arab Emirates and Saudi Arabia on Wednesday in a rare trip abroad and will hold talks with Saudi Arabian Crown Prince Mohammed bin Salman to discuss oil, OPEC+ and the conflicts in Gaza and Ukraine.

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  OPEC Plus will continue oil output cuts as prices remain unchanged

  Business | June 05, 2023 10:04 IST

  In April, Saudi Arabia, Russia, and other OPEC+ oil producers declared their intention to reduce production by 1.16 million barrels per day.

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  OPEC+ output cut could lead to higher oil prices and increase India’s import expense: IEA

  Business | April 12, 2023 15:05 IST

  The International Energy Agency (IEA) has identified the recent decision by OPEC+ to reduce oil production as a potential risk to the global economy, citing concerns that it could further drive up already high prices, leading to increased import costs for nations like India.

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  Joe Biden to release 15 million barrels from oil reserve, more possible

  World | October 19, 2022 8:11 IST

  United States news: It completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months.

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  US President Joe Biden vows ‘consequences’ for Saudis after OPEC+ cuts output

  World | October 12, 2022 7:59 IST

  OPEC+: Democratic Sen. Richard Blumenthal of Connecticut and Rep. Ro Khanna of California introduced legislation that would immediately pause all U.S. arms sales to Saudi Arabia for one year. This pause would also halt sales of spare and repair parts, support services and logistical support.

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  OPEC and allies agree to gradually boost crude oil output

  World | April 01, 2021 23:39 IST

  ​The OPEC oil cartel and allied countries said Thursday that they have decided to add gradually add back some 2 million barrels per barrel per day of oil production from May to July, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic.  

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  OPEC, oil nations agree to nearly 10M barrel cut amid coronavirus

  World | April 13, 2020 7:10 IST

  OPEC, Russia and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said

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  Oil war triggered by Saudi price cuts to benefit India immensely

  Business | March 08, 2020 20:52 IST

  Large energy consumers, including India and China, may head for an oil bonanza with the world's largest oil producer Saudi Arabia looking to ramp up production to well above 10 million barrels from next month

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  India nudges Russia to get OPEC to price oil at reasonable rates

  Business | August 30, 2019 14:51 IST

  Oil Minister Dharmendra Pradhan, on a three-day visit to Moscow, met his Russian counterpart Alexander Valentinovich Novak to review "the entire spectrum of oil and gas cooperation," Pradhan said in a tweet after the meeting.

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  Non-OPEC countries agree to extend supply cuts until next March

  World | July 03, 2019 6:43 IST

  The countries made the agreement during the 6th OPEC and non-OPEC Ministerial Meeting held here in the Austrian capital on Tuesday. 

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  Qatar intends to withdraw from Organization of Petroleum Exporting Countries

  Business | December 03, 2018 13:25 IST

  Qatar, a country of 2.6 million people where citizens make up over 10 percent of the population, discovered the offshore North Field in 1971, the same year it became independent.

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  Trump requests Saudi Arabia, OPEC not to cut oil production

  Business | November 13, 2018 11:36 IST

  Trump tweeted, "Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!

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  To counter OPEC, India discusses ‘Oil Buyers Club’ with China for negotiating better terms with sellers

  Business | June 13, 2018 18:37 IST

  The idea was actually floated by Oil Minister Dharmendra Pradhan’s at the International Energy Forum (IEF) meeting in New Delhi in April this year.

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  OPEC should go for 'responsible pricing': Dharmendra Pradhan

  Business | October 08, 2017 21:22 IST

  India today pressed oil cartel OPEC to adopt "responsible pricing" for oil and consider the world's third-biggest oil consumer as its preferred sales destination

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  UAE to cut oil production by 139,000 barrels in line with OPEC decision

  Business | October 02, 2017 9:53 IST

  OPEC members began officially cutting production earlier this year in an attempt to restore stability of the oil markets.

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  OPEC agrees to extend oil output cuts till March: report

  May 26, 2017 13:03 IST

  Iranian channel Press TV reported that the decision of the 13-nation cartel to extend the cuts for 9 months would effectively lower OPEC's production by 1.8 million barrels per day

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  Demonetisation woes: OPEC production cut will have adverse impact on Indian economy

  December 14, 2016 14:30 IST

  Even as the Indian economy struggles to cope with the fallout of demonetisation, the production cut announced by the Organisation of Petroleum Exporting Countries may further add to its woes. The Indian basket of crude