Covid-19: Crude oil soars 5% after producers agree to ‘historic’ production cut to support prices

The OPEC+ cartel agreed to start with a cut of 9.7 million barrels per day in output from May 1 to June 30, followed by gradual relaxation until April 2022.

Scroll Staff

· Apr 13, 2020 · 08:41 am

OPEC agreement to cut oil production hits roadblock as Mexico opts out

Crude oil prices fell sharply on Friday after the deal did not go through.

Scroll Staff

· Apr 10, 2020 · 12:59 pm

Crude oil prices fall sharply as Saudi Arabia, Russia postpone meeting about pact to cut production

The prices of West Texas Intermediate and Brent crude traded over $3 lower before slightly recovering.

Scroll Staff

· Apr 06, 2020 · 10:48 am

Crude oil prices fall the most since start of 1991 Gulf War as Saudi Arabia-Russia price war begins

Saudi Arabia slashed its prices and said it would release its hoarded supply into a market affected by falling demand because of the coronavirus epidemic.

Scroll Staff

· Mar 09, 2020 · 10:24 am

Donald Trump’s Iran oil sanctions may severely damage India’s economy (and the world’s)

The United States has announced it will not renew the exemptions given to eight countries, including India and China, that enable them to buy Iranian oil.

Nafis Alam, The Conversation

· Apr 28, 2019 · 01:30 pm

India says it is prepared to deal with US decision to end waivers on oil imports from Iran

Ministry of External Affairs spokesperson Raveesh Kumar said the Centre will continue to work with partner countries to secure India’s energy interests.

Scroll Staff

· Apr 23, 2019 · 03:58 pm

Scroll Investigation: The curious case of Russian oil deals that benefited Essar, hurt ONGC

The transactions involve Kremlin-controlled Rosneft.

M Rajshekhar

· Feb 04, 2019 · 09:00 am

In Assam, Oil India Limited workers rise in protest against the entry of private companies

The protests have a strong subtext of sub-nationalism, evident in the active participation of several Assamese groups.

Arunabh Saikia

· Jan 02, 2019 · 09:00 am

As Qatar exit reiterates, OPEC has long been a divided house with little sway over global oil rates

OPEC has often been held back by division, disagreement and divergent interests.

Gregory Brew, The Conversation

· Dec 13, 2018 · 11:30 pm

Oil prices rise nearly 1% as key producers decide to reduce supply from January

The quantum of reduction decided by OPEC members was larger than what the markets had expected.

Scroll Staff

· Dec 10, 2018 · 12:33 pm

Qatar to withdraw from Organization of Petroleum Exporting Countries in January

The Gulf nation has been a member of the oil producers’ cartel since 1961.

Scroll Staff

· Dec 03, 2018 · 12:57 pm

As geopolitics over crude intensifies, energy-dependent India could be in for an oil shock

India, which imports over 80% of crude and about 30% of its gas, has always been vulnerable.

Devangshu Datta

· Oct 23, 2018 · 08:00 am