A major oil production cut announcement by OPEC+ countries pushed the global oil prices up by 6% in morning trade. Riyadh along with other major oil producers have announced to cut oil production by 500,000 barrels per day. The voluntary cuts announced by OPEC+ countries will come into effect from May but the markets reacted sharply to the news on Monday. The west Texas intermediate contract jumped 5.7% to 80 dollars a barrel and Brent jumped 5.67% to 84.4 dollars.The cuts announced by OPEC+ will remain in effect till the end of the year. Earlier, OPEC+ had slashed the oil production by two million barrels per day in October. This is the single biggest oil production cut since then.
3 Apr 2023Immediately following Trump's tweet, US crude oil futures fell by more than $1 to $58.33 a barrelBrent futures were down by more than $1 to a session low of $66.76 per barrel
1 min read28 Mar 2019Opec will start to trim oil production by 1.2 million barrels/day this month to stabilize the market. They already reduced output by 600,000 barrels a day in December
3 min read14 Jan 2019The decline in oil prices has made India an attractive investment destination yet again, but policymakers and investors would do well not to ignore the fundamental weaknesses in India's macroeconomic balance sheet
2 min read27 Dec 2018OPEC ended talks in Vienna without a deal on oil production cuts as the size of Russia's contribution remained a sticking point before further talks on Friday
4 min read6 Dec 2018For oil prices to increase consistently hereon, the market needs substantial production cuts, andin that sensethe 6-7 December Opec meeting is crucial
2 min read4 Dec 2018The Organization of the Petroleum Exporting Countries (Opec) will meet on 6 December meet at its headquarters in Vienna, Austria, to agree a joint output policy
2 min read4 Dec 2018Russia signalled little urgency to commit to oil cuts, even as production from Saudi Arabia and US shale mean inventories are starting to rise again
2 min read29 Nov 2018All eyes are on this week's G20 summit in Argentina to be attended by Saudi Arabia and Russia, and an Opec meeting in Vienna thereafter to consider oil production cuts
2 min read27 Nov 2018WTI crude for January delivery rises $1.20 to $54.63, Brent crude for January settlement climbs 1.5% to $63.48 a barrel
1 min read22 Nov 2018The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared