Global crude oil prices slipped below $45 a barrel in early Asian trade on Monday after the Organization of Petroleum Exporting Countries cartel decided not to cut production.
The Third OPEC Summit on its closing day on Sunday is likely to announce a fund, which will have contributions from energy consuming countries and oil producers, to provide technological support for reduction of the environmental impact of fuel use, OPEC officials said.
With crude oil flirting with the $100 a barrel mark, world's largest oil producer Saudi Arabia is emulating marketing savvy West to showcase oil cartel Organisation of Petroleum Exporting Countries in a new light when it organises the third OPEC Summit in Riyadh this week.
The Organisation of the Petroleum Exporting Countries (OPEC) has decided to cut its daily oil production by about 2 million barrels. OPEC's daily output target is 27.3 million barrels.
The Financial Times, London, reports that Nobuo Tanaka, the first Asian head of the International Energy Agency, has stated that the organisation must work more closely with the two Asian giants.
The UAE will comply with the Organisation of Petroleum Exporting Countries' directive to reduce its output by 1 million barrels a day, from the official quota of 28 million barrels, Minister of Energy Mohammed bin Dhaen Al Hameli said.
OPEC members are meeting at Vienna on Monday. Jason Feer of Argus Media thinks that the fear as to how far the oil prices could drop would be uppermost on the minds of the ministers meeting in Vienna.
After Rajasthan, petrol price on Thursday crossed the Rs 100 per litre mark in Madhya Pradesh after fuel rates were increased for the tenth day in a row. Petrol price was hiked by 34 paise per litre and diesel by 32 paise, according to a price notification of state-owned fuel retailers. While branded or additive-laced petrol, which attracts higher taxes, had crossed the Rs 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan, regular petrol crossed the physiological mark in Sriganganagar town of Rajasthan on Wednesday, and on Thursday it went past that mark in Madhya Pradesh. In Anuppur of Madhya Pradesh, petrol is priced at Rs 100.25 per litre and diesel at Rs 90.35. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
Markets crashed the world over, share prices slumped, prices of airline tickets went up. All because of global crude oil prices, which touched a record $41 per barrel and output capacity of OPEC. Take the rediff biz quiz and know all about OPEC
The Union government on Thursday ruled out any hike in the price of petroleum products till June 15.
American refiners closed some of their production, leading to futures trade benchmarked to the West Texas Intermediate going negative.
Contrary to expectations, global oil prices, which have touched a 21-year high, are unlikely to fall substantially even if oil producer cartel OPEC raises production, industry officials said on Thursday.
Price of non-subsidised cooking gas (LPG) was today cut by Rs 43.50 per cylinder as international oil rates slumped to their lowest since May 2009.
Oil prices jumped nearly $3 a barrel and gold and safe-haven bonds rallied on Friday after the killing of top Iranian commander Qassem Soleimani in an airstrike by the US in Baghdad.
India imports about 25 million tonnes of oil from Iraq each year.
CARE Ratings, in a report, said it foresees an increase in the retail prices of petrol and diesel in the coming few days, depending on how the oil markets react in the reduction in supply from the cartel.
Various global and domestic factors had a sizable impact on the performance of the Indian markets
Prices are sustainable and not just driven by speculative gains
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Crude oil has fallen about 40 per cent since mid June and the price on Monday touched its lowest level since mid 2009 before US oil prices posted their biggest one-day gain in two years overnight.
While OPEC has been unable to agree on an output freeze in an effort to support prices, Iraq was the latest Middle East producer to raise its exports quota
The G20 chair has suggested three areas for the talks in Argentina - the future of work, infrastructure for development and a sustainable food future, areas where India has a lot at stake.
Achieving inflation target of 4 per cent, recovery after remonetisation and hardening profile of oil prices are some of the risks which the RBI is watching closely, says Gaurav Kapur.
oil market remained under pressure and big gains are unlikely.
Rising production from OPEC as well as the US also weighing on prices
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
Investors will keenly watch US Fed meet starting Tuesday
India is estimated to spend $1.36 billion more a year for every one dollar a barrel increase in crude oil prices, says Subhayan Chakraborty.
Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.
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