Opec News - Latest Updates & Headlines
Russia one of the largest crude producers with over 9 million barrels per day: Hardeep Puri
Vienna, July 10: Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, on Thursday said that Russia is one of the largest crude producers with over 9 million barrels per day.
India's oil imports from Russia helped global markets to stabilise: Hardeep Puri silences critics
New Delhi, July 10: Petroleum and Natural Gas Minister Hardeep Puri said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over USD 120-130 per barrel.
India and OPEC have a unique and symbiotic relationship: Hardeep Puri
Vienna, July 10: Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has emphasised India’s strong partnership with OPEC, discussing ways to ensure that oil markets remain balanced to ensure smooth global transition into green and alternative energies.
India aims to increase hydrocarbons exploration acreage to 1 million sq km by 2030: Hardeep Puri
Vienna, July 9: India aims to increase its hydrocarbons exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030, Union Minister for Petroleum and Natural Gas Hardeep Puri said.
Hardeep Puri highlights huge oil potential in India's Andaman Sea at OPEC seminar
New Delhi, July 9: India plans to explore and drill for oil and gas with a whole new momentum across 2.5 lakh sq kms in Round 10 under the Open Acreage Licensing Policy (OALP), Minister of Petroleum and Nautural Gas Hardeep Singh Puri said on Wednesday at the 9th OPEC International Seminar in Austria’s capital, Vienna.
Market outlook: India-US trade deal, Q1 FY26 earnings key drivers this week
Mumbai, July 6: After witnessing a phase of profit booking last week, considering the broader indices currently trading at elevated levels, the market participants will closely watch for signs of earnings catch-up from upcoming Q1 — starting next week -- along with the outcome of the interim Indian-US trade deal before the July 9 deadline, analysts said on Sunday.
Crude oil prices may rebound as supply stabilises, geopolitical tensions ease
New Delhi, July 5: Crude oil prices may see a recovery in the near term as positive signals emerge from the supply side and geopolitical tensions show signs of easing, experts said on Saturday.
S&P Global warns geopolitical tensions may hit global oil demand
New Delhi, June 30: The latest report by S&P Global highlights that geopolitical tensions and shifting trade policies could potentially have a negative impact on the global oil demand.
Nifty, Sensex open flat on last trading day of June, investors watching India-US trade negotiations
Mumbai, June 30: On the last trading day of June, Indian stock markets opened flat on Monday, supported by positive global cues and receding geopolitical clouds.
Will Smith reflects on Chris Rock Oscars slap
Washington, June 29: Academy Award-winning actor and rapper Will Smith has seemingly referenced his infamous slap of Chris Rock at the 2022 Oscars in a recent freestyle session.
Keep oil prices down, I'm watching: Trump issues warning to everyone after US strikes on Iran
Washington, DC, June 23: In a sharp warning on Monday, US President Donald Trump urged "everyone," including businesses and individuals, to keep prices in check, cautioning that the rising costs could "play into the hands of the enemy."
Need to safeguard oil and gas supply chains amid geopolitical uncertainties: Report
New Delhi, June 20: With India projected to grow at over 6 per cent annually and its primary energy demand increasing at a CAGR of 5.5 per cent, there is an urgent need to safeguard oil and gas supply chains amid rising geopolitical and market uncertainties, according to a report released on Friday.
Oil prices ease as Trump pauses decision on US intervention in Israel-Iran conflict
New Delhi, June 20: Crude oil prices eased in the global market on Friday, with the benchmark Brent crude futures trading 2 per cent lower at $77.24 a barrel, amid reports that President Donald Trump would take another two weeks to decide on whether the US will intervene in the escalating conflict between Israel and Iran.
Brent crude prices to remain at USD 70/bbl in FY26 despite Israel-Iran conflict: Report
New Delhi, June 19: Despite recent volatility and rising conflicts between Israel and Iran, Brent crude oil prices are expected to average around USD 70 per barrel in FY26, according to a report by Emkay Research.
Israel-Iran conflict triggers surge in global oil prices
New Delhi, June 13: Oil prices in the international market jumped by more than 9 per cent on Friday after Israel's attack on Iran's nuclear facilities and missile production sites led to a further escalation in geopolitical tensions in the Middle East.
US faces steeper crude oil production decline than previously anticipated: S&P Global Commodity Insights
New Delhi, June 11: The US is facing a deceleration of crude oil production growth in 2025 than previously anticipated, according to a new analysis by S&P Global Commodity Insights.
Trouble for Sinopec Oil Refinery in Sri Lanka's Hambantota port
Colombo, June 6: The proposed $3.7 million oil refinery to be built by China's Sinopec in Sri Lanka's Hambantota port is facing significant delays over multiple issues like dispute over equity structure, tax concessions, market access, and allocation of land for the project.
Global crude prices to trade with a downward bias in 2025 in range of USD 60 to USD 70 per barrel: Report
New Delhi, May 23: Global crude oil prices are likely to trade with a downward bias in 2025, according to a recent report by ICICI Bank.
IEA, OPEC will share insights on oil market during India Energy Week
New Delhi, February 7: International Energy Agency (IEA) is set to share insights on the India's oil and gas sector during the 3rd edition of India Energy Week (IEW) next week here in the national capital.
Iranian President Pezeshkian calls for OPEC unity to prevent US from pressuring members
Tehran, Feb 6: Iranian President Masoud Pezeshkian has urged the members of the Organisation of the Petroleum Exporting Countries (OPEC) to unite and consistently prevent the United States from pressuring any of them.
Libya plans to increase oil, gas production to 2 million barrels per day over next 3 years
Tripoli, Jan 19: The Acting Chairman of Libya's state-owned National Oil Corporation (NOC), Masoud Sulaiman, said that the company plans to increase daily oil and gas production to two million barrels over the next three years if "the right funds are made available."
OPEC predicts robust oil demand growth in 2026
Vienna, Jan 15: The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday forecast the global oil demand to grow by a "robust" 1.43 million barrels per day (bpd) in 2026 to 106.63 million bpd.