Organisation of Petroleum Exporting Countries

As BRICS nations explore non-dollar trade, the foundations of the petrodollar system face fresh scrutiny. The outcome could reshape global finance — and power — in the years ahead.

India's fuel demand, hit by a deadly second wave of coronavirus, would recover to pre-pandemic levels by the end of this year, oil minister Dharmendra Pradhan said on Tuesday.

Petroleum minister Hardeep Singh Puri on Sunday cautioned the Opec+ grouping of oil exporting countries to watch out for market turbulence at their forthcoming meeting to discuss production plan, saying high prices due to the uncertainties will lead to a drop in demand, reports Sanjay Dutta. “It is their legitimate right... whatever they want to produce, not produce, or sell. But be very careful. If we reach a situation where turbulence leads to very high prices, then demand will fall,” Puri told TOI after launching GAIL’s second floating CNG refuelling facility for boats in Varanasi.

Nothing wrong in government’s decision to ban rice exports, even when Russia ups its attacks on Ukrainian ports. Food is a strategic tool, as US has shown many times

India on Thursday voiced its concern over high international oil prices with oil producers cartel OPEC and nudged it to move to responsible pricing that balances interests of both producers and consumers.

: The Consul General of India, Chicago, USA, has undertaken a preliminary enquiry (PE) into the auction of heritage items of the city in the country.

Meanwhile, under the daily revision of fuel prices, petrol in Mumbai on Monday cost Rs 79.41 a litre, breaching the level it last touched in August 2014.

SHIMLA: With the help of OPEC funds for international development,1 the 10-million dollar Shimla sewerage scheme has reached an advanced stage and is likely to be completed by December this year.

The UAE will comply with the Organisation of Petroleum Exporting Countries (OPEC) 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.

The Indian rupee inched up by three paise after opening weak against the US currency in late morning trade on Monday on mild dollar-selling by banks and corporates at the current level.

NEW DELHI: Organisation of Petroleum Exporting Countries (OPEC) on Thursday said it was considering India's request for concessional pricing of crude oil for developing countries, but did not give any time frame for taking a decision.

TEHRAN: India has urged the Organisation of Petroleum Exporting Countries including the UAE and Iran to restructure the international pricing mechanism for crude oil.

World oil prices, already slumping on coronavirus fears, extended losses to more than 5.0 per cent on Friday on reports that Russia wants to delay deeper output cuts recommended by its OPEC allies. In London morning deals, Brent North Sea crude dived to USD 47.02 per barrel, the lowest levels since July 2017. WTI tumbled to USD 43.28 -- the lowest since late 2018.

The Organisation of Petroleum Exporting Countries, which pumps about 40 percent of the world's oil, is concerned that raising output could oversupply the market.

Deora will have bilateral meetings with the ministers of major oil producing nations to discuss the issue.

NEW DELHI: The government on Thursday said there was no need for hiking prices of petroleum products on account of the Opec decision to cut crude production from January 1, 2002.

NEW DELHI: India is likely to make a strong the case for stable crude oil pricing and secured supply regime in wake of possible US retaliation strikes, at the first regional meeting of World Petroleum Congress beginning in Shanghai, China on Monday.

NEW DELHI: Cartel of oil producing countries, Opec, on Wednesday rejected India's plea for concessional crude oil pricing on the ground that it operated on market forces but admitted that current prices carried a war premium of $5-6 a barrel.

UAE Minister of Energy Mohammed bin Dhaen Al Hamli has said OPEC will take necessary measures to keep prices stable.

This means that prices will not slip below the petroleum ministry's cut-off mark of $50 a barrel for further reducing motor fuel prices.

Fuel prices continued their upward march, with petrol selling for nearly Rs92 per litre in the city on Saturday. A litre of diesel was priced at more than Rs81.

OPEC is in talks with consumer countries to work out a 'fair price' for its crude.

The unusual surge in fuel price is due to the political and economic situations at the international level and the Centre has been vigilant about it, he told newsmen here at the sidelines of a function.

Bhubaneswar, Sep 7 () Fuel price hike in the country is due to international factors and it has now become essential to bring petrol and diesel under the purview of GST, Union Petroleum and Natural Gas Minister Dharmendra Pradhan said Friday.

Indian Oil Corp, the country's top refiner, has made its first purchase of Guyana's Liza light sweet crude as it seeks to diversify its crude purchases, a source familiar with matter said.

London's Brent crude fell $1.23 to as low as $50.61. Oil has slid by about one-third from its record highs above $147, struck in July.

AURAIYA, Uttar Pradesh: The government has no proposal to increase the prices of petroleum products and natural gas at the moment, Union minister for petroleum and natural gas Ram Naik said on Wednesday.

NEW DELHI: State-owned refiner Indian Oil Corporation has taken its first successful step in exploration business, bagging an oil block in Libya against tough competition from US multinationals.