OPEC+ unlikely to increase production to curb rising oil prices: Goldman Sachs

The world’s most traded commodity got a major boost from the gas crunch in Europe and Asia, prompting forecasters to update their forecasts. One of the most bullish of all observers has been Goldman Sachs, whose commodity analysts have stuck to their price target of $80 for Brent crude regardless of the resurgence of Covid-19 in many key […]

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Petrol, diesel prices in India may rise again after a short lull, as international crude prices surge

A surge in international oil prices may translate into an increase in the retail selling price of petrol and diesel in India as oil companies face extreme margin squeeze, sources said. Petrol and diesel prices have remained unchanged for 12 days but now the international rate surge is exerting pressure. Current prices of petrol and […]

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OPEC+ to continue with agreed schedule for oil-production increases

OPEC and its allies, OPEC+, agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent times and a stark contrast to the drawn-out negotiations seen […]

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IEA warns of another oil price war soon

The oil market has been on edge for a while now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said, adding that the current impasse is also threatening to derail the global economic recovery. In June, global oil demand is estimated to have jumped by as […]

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OPEC+ agrees to boost crude supply after Saudi Arabian and UAE diffuse standoff

OPEC+ ministers agreed on Sunday to boost oil supply from August to cool prices which have climbed to 2-1/2 year highs as the global economy recovers from the coronavirus pandemic, Reuters reports. The group, which includes OPEC countries and allies like Russia, crucially agreed new production allocations from May 2022 after Saudi Arabia and others […]

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