New York, April 28 (IANS) The United Arab Emirates, one of the top exporters of oil to India, announced on Tuesday that it was leaving the Organisation of Petroleum Exporting Countries, in a fallout from the Iran war, a group that has wielded power over the world price of oil. The UAE announcement, made through the official Emirates News Agency, WAM, said that this decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile.The UAE withdrawal, which ta…
Latest OPEC+ News & Updates
New Delhi, April 28 (IANS) The United Arab Emirates announced on Tuesday that it was leaving the OPEC and OPEC+ cartels in what is seen as a major setback to the group of oil-exporting countries led by Saudi Arabia.The UAE said the decision reflected its “long-term strategic and economic vision and evolving energy profile”.The Gulf state’s Energy Minister Suhail Al Mazrouei said that being a country with no obligation under the groups would provide more flexibility.In a public statement shared o…
Washington, April 15 (IANS) The Intergovernmental Group of Twenty-Four (G-24) warned of a sharp deterioration in global economic conditions, citing conflicts, supply disruptions and financial pressures that could weigh heavily on emerging economies.In a communique issued after its ministerial meeting in Washington, the G-24 said global growth is projected to decline in 2026 compared to 2025, as the fallout from the war in the Middle East and other crises ripples across energy markets and supply …
New Delhi, April 6 (IANS) International crude oil prices traded higher on Monday as persistent fears of supply disruptions in West Asia kept markets on edge, with the ongoing US-Israel-Iran conflict weighing on sentiment.Brent crude futures rose as much as 2.01 per cent or $2.2, to $111.23 per barrel, hovering near a 52-week high. Similarly, US West Texas Intermediate (WTI) crude gained 3.53 per cent or about $4 to $115.48 by 10.20 am.On the domestic front, crude oil futures on the Multi Commodi…
Washington, April 6 (IANS) Global energy markets and supply chains are coming under pressure as tensions over Iran and the Strait of Hormuz escalate, with oil prices rising sharply and fears mounting over disruptions to one of the world’s most critical shipping routes.Oil prices climbed after US President Donald Trump threatened strikes on Iranian energy infrastructure if Tehran does not reopen the Strait of Hormuz, according to CNN.“Oil prices pushed higher Sunday after President Donald Tru…
New Delhi, April 5 (IANS) In their collective commitment to support oil market stability amid the West Asia crisis, the eight OPEC+ countries — Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman — on Sunday decided to implement a production adjustment of 206 thousand barrels per day in May — from the 1.65 million barrels per day additional voluntary adjustments announced in April 2023.The countries met virtually on Sunday to review global market conditions and outlook…
New Delhi, March 10 (IANS) India is continuing to supply diesel to Bangladesh via pipeline from the Numaligarh refinery in Assam as part of the long-term agreement that is in place with the neighbouring country.The India-Bangladesh Friendship Pipeline was operationalised in 2017. It has been supplying diesel to Bangladesh on a commercial basis from the Numaligarh Refinery Ltd. This diesel supply is part of regular ongoing energy trade between the two countries, a senior official said.Meanwhile, …
New Delhi, March 2 (IANS) Global crude oil prices went up more than 7 per cent on Monday as war in West Asia escalated, following US and Israeli military strikes on Iran.Brent crude futures prices surged to $82.37, the highest since January 2025. Brent crude oil price rallied 7.60 per cent to $78.41 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 7.19 per cent to $71.86.Iran has closed navigation through the crucial Strait of Hormuz, prompting governments and refiners …
New Delhi, Feb 4 (IANS) Global crude oil prices may see only a marginal uptick in the near term and will be curtailed to $68–70 per barrel in the long term despite geopolitical and supply‑side uncertainties, a report said on Wednesday.Emkay Wealth Management Limited, the wealth management arm of Emkay Global Financial Services said in a report that any upward movement is likely to be gradual and capped, as market fundamentals point to slower global growth and cautious consumption across majo…
Mumbai, Jan 4 (IANS) Global markets are set to begin the first full trading week of 2026 on edge after a major geopolitical shock involving Venezuela, a country with the world’s largest oil reserves. Investor focus has shifted sharply to safe-haven assets like gold and silver, while oil prices are expected to move higher amid fears of supply disruptions.Markets turned cautious after US forces captured Venezuelan President Nicolás Maduro and his wife during a military operation over the weeken…