Global oil market to calm on more oil production: Petroleum Minister

The world’s third largest oil consuming and importing nation, is hoping that more oil production coming from the western countries like the US and Canada will calm the markets and bring stability in prices, Petroleum Minister Hardeep Singh Puri said. Speaking at CII’s 12th PSE Summit here, Puri said countries in the western hemisphere are

Global energy demand to grow 24%: OPEC

Global energy demand will grow 24 percent by 2050, with oil dominating world markets in need of 120.1 million barrels per day, the Organization of the Petroleum Exporting Countries (OPEC) said. OPEC released its annual World Oil Outlook, for the first time outside its headquarters in Vienna. The organization, which brings together most of the

IEA says oil demand set to peak by 2029

The International Energy Agency (IEA) predicts that global oil demand will peak by 2029, after which it will gradually decline as renewable energy sources become more prevalent. This forecast aligns with the global push toward cleaner energy and the increasing adoption of renewable technologies. Contrarily, the Organization of the Petroleum Exporting Countries (OPEC) anticipates that

OPEC expects share of Indian oil imports to rise again

OPEC is set to win a bigger share of India’s oil imports in coming decades due to the proximity of its supplies, the producer group’s head said, after its dominance was recently eroded by competition from discounted Russian oil. The share of oil from the Organization of the Petroleum Exporting Countries (OPEC) imported by India

Angola leaving OPEC

Angola is leaving the Organization of the Petroleum Exporting Countries because membership is not serving its interests, oil minister Diamantino Azevedo said. Angola, which joined OPEC in 2007, produces about 1.1 million barrels of oil per day, compared with 28 million barrels per day for the whole group. Confirming an earlier report by local news

Asia may absorb half of the Russian crude displaced by EU

Asia may be able to incrementally absorb only half the Russian crude volumes displaced as a result of the European Union sanctions taking effect, and the price cap of $60/b may not be able to create immediate hurdles for oil flows from the non-OPEC supplier. While Russia has been arranging a fleet of ships that

OPEC and Russia aim to raise oil prices with big supply cut

Saudi Arabia and Russia, acting as leaders of the OPEC Plus energy cartel, agreed to their first large production cut in more than two years in a bid to raise prices, countering efforts by the United States and Europe to choke off the enormous revenue that Moscow reaps from the sale of crude. President Biden

Biofuel producing countries alliance under consideration

In a bid to counter OPEC, India is looking at creating an alliance of biofuel producing countries, with biofuel expected to be part of the agenda of G20 summit scheduled to be held in India on 9-10 September next year. The alliance would initially focus on knowledge sharing and transfer of technology on production of

Prices continue to rise as OPEC + celebrate its founding

As the OPEC+ group commemorates the 5th anniversary of its founding, oil prices continued to rise despite the ongoing increase in the rate of infections with the Omicron variant, as Brent crude rose 3.3 percent. The cancellation of many flights did not affect the price rise, which amounted during this year to more than 45

Asia refiners to get full Saudi crude supplies in October

Saudi Aramco has notified at least seven buyers across Asia that it would supply full contractual volumes of crude oil in October, though none of them asked for additional supplies despite deep price cuts, sources with knowledge of the matter said on Monday. The full allocation comes as the Organization of the Petroleum Exporting Countries