Articles about OPEC

The government on Friday announced an increase in excise duty on petrol and diesel by Rs. 3 per liter, the steepest hike in eight years.

The prices of petrol and diesel fell for the fifth consecutive day on Monday as the global coronavirus outbreak had a ripple effect on crude oil rates.

Oil prices crashed by 30% on Monday after Saudi Arabia slashed prices launching a price war against Russia.

Fuel prices on Sunday witnessed a sharp hike for the fourth straight day as state-run oil companies increased the rate of petrol by 23 paise a liter while diesel became costlier by 29-31 paise per liter across the four major metro cities in India.

OPEC kingpin Saudi Arabia will slash its oil exports in January by 10% compared to November, its energy minister said yesterday as producers move to shore up tumbling prices.

Oil producers, who earlier agreed to trim production to boost prices, will meet in April to review the impact and sign a long-term pact, the UAE's Energy Minister said.

The rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade today, amid the strengthening of American currency and a weak opening in the domestic equity market.

On Monday, Qatar announced that it would withdraw from the Organization of the Petroleum Exporting Countries (OPEC), effective January 2019.

The rupee depreciated by 10 paise to 70.89 against USD in early trade today at the interbank foreign exchange amid strengthening of the USD against some currencies overseas.

Following a drop in crude prices, oil producing countries should cut output by one million barrels per day (bpd) to re-balance the market, Saudi Arabia's energy minister Khalid al-Falih told at an energy conference in Abu Dhabi today.

Iran today accused US President Donald Trump of destabilizing the oil market with his flurry of tweets taking aim at the OPEC cartel.

Petrol and diesel prices were today hiked for the first time in more than a month on the back of rising international rates and weakening rupee.

Energy firms plunged with oil prices in Asia today after Saudi Arabia and Russia signaled they could lift output, while indications that Donald Trump's summit with North Korean leader Kim Jong-un could be back on provided support to equity markets.

Another day, another hike - petrol and diesel prices have now risen for the fifth consecutive day.

Addressing the International Energy Forum in Delhi, PM Narendra Modi on Wednesday called for reasonable and responsible pricing to provide easy access to affordable energy to all.

The US has called on Saudi Arabia, UAE, Egypt and Bahrain to ease their blockade on Qatar.

Starting June 16, state-run oil marketing companies including Indian Oil would start daily revision of prices of petrol and diesel in the entire country, reported ANI.

Weighing in on the ongoing Middle East diplomatic crisis, President Trump stated that his trip to Middle East was already paying off, referring to Arab countries hardening stance against funding extremism.

Sources have confirmed that India would attempt to leverage its market size at the upcoming meeting of OPEC ministers in Vienna, to secure better deals for oil.

Iraq has surpassed Saudi Arabia, to become the top supplier of Oil to India, according to Reuters.

From May 1 petrol and diesel prices in five Indian cities will change every day to synchronize them with international rates.

Uncertainties surrounding US President Donald Trump's trade policies have reinforced Indians' faith in gold being a safe asset.