Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

US West Texas Intermediate (WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States.

Front-month Brent crude futures were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday.

Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world's largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+.

"Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers."

New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns.

The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week.

That suggests oil demand in the United States, the world's biggest crude consumer, could be slowing amid signs of a weakening economy.

Countering the downward pressure, ongoing tensions in the Middle East also offered some support.

British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher.

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. US West Texas Intermediate (WTI) crude futures were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday. Analysts said oil was under pressure because fears over future demand amid trade disputes threatening global economic growth. But losses were checked by commitment to cut production from the world's largest exporters - including members of the Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, a grouping known as OPEC+. "Global growth remains the main factor holding back crude prices," said Alfonso Esparza, senior analyst at OANDA. "The OPEC+ deal will keep prices from falling too hard, but there must be an end to trade protectionism to assure the demand for energy products recovers." New orders for US factory goods fell for a second straight month in May, government data showed on Wednesday, stoking economic concerns. The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5 million barrel draw reported by the American Petroleum Institute earlier in the week. That suggests oil demand in the United States, the world's biggest crude consumer, could be slowing amid signs of a weakening economy. Countering the downward pressure, ongoing tensions in the Middle East also offered some support. British Royal Marines seized a giant Iranian oil tanker in Gibraltar on Thursday for trying to take oil to Syria in violation of EU sanctions, a dramatic step that drew Tehran's fury and could escalate its confrontation with the West.

Crude oil prices fall 1% on fears for global economy

Iran said on Friday it was responsible for maintaining the security of the Strait of Hormuz in the Gulf, state radio reported, adding that blaming it for attacks on <a href="https://www.wionews.com/world/received-distress-calls-from-two-tankers-under-attack-in-gulf-of-oman-us-fifth-fleet-226781">two oil tankers</a> in the Gulf of Oman was alarming.

"We are in charge of maintaining the security of the Strait and we rescued the crew of those attacked tankers in the shortest possible time ... U.S. Secretary of State (Mike) Pompeo's accusations towards Iran is alarming," Foreign Ministry spokesman Abbas Mousavi said.

The United States blamed Iran for attacks on the two oil tankers in the <a href="https://www.wionews.com/business-economy/oil-prices-surge-over-tanker-attack-in-gulf-of-oman-226990">Gulf of Oman</a> on Thursday that drove up oil prices and raised concern about a new U.S.-Iranian confrontation.

Mohammad Javad Zarif, Iran's foreign minister shrugged off the U.S. allegations against Iran over the Gulf of Oman tanker attacks were part of "sabotage diplomacy" adopted by a so-called B Team, which he has said includes U.S. national security adviser John Bolton.

"That the US immediately jumped to make allegations against Iran—w/o a shred of factual or circumstantial evidence—only makes it abundantly clear that the #B_Team is moving to a #PlanB: Sabotage diplomacy—including by @AbeShinzo—and cover up its #EconomicTerrorism against Iran," Mohammad Javad Zarif tweeted.

Zarif has repeatedly said that Bolton, an ardent Iran hawk, Israeli Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman could goad U.S. President Donald Trump into conflict with Tehran.&nbsp;

Iran said on Friday it was responsible for maintaining the security of the Strait of Hormuz in the Gulf, state radio reported, adding that blaming it for attacks on two oil tankers in the Gulf of Oman was alarming.

Iran said on Friday it was responsible for maintaining the security of the Strait of Hormuz in the Gulf, state radio reported, adding that blaming it for attacks on two oil tankers in the Gulf of Oman was alarming. "We are in charge of maintaining the security of the Strait and we rescued the crew of those attacked tankers in the shortest possible time ... U.S. Secretary of State (Mike) Pompeo's accusations towards Iran is alarming," Foreign Ministry spokesman Abbas Mousavi said. The United States blamed Iran for attacks on the two oil tankers in the Gulf of Oman on Thursday that drove up oil prices and raised concern about a new U.S.-Iranian confrontation. Mohammad Javad Zarif, Iran's foreign minister shrugged off the U.S. allegations against Iran over the Gulf of Oman tanker attacks were part of "sabotage diplomacy" adopted by a so-called B Team, which he has said includes U.S. national security adviser John Bolton. "That the US immediately jumped to make allegations against Iran—w/o a shred of factual or circumstantial evidence—only makes it abundantly clear that the #B_Team is moving to a #PlanB: Sabotage diplomacy—including by @AbeShinzo—and cover up its #EconomicTerrorism against Iran," Mohammad Javad Zarif tweeted. Zarif has repeatedly said that Bolton, an ardent Iran hawk, Israeli Prime Minister Benjamin Netanyahu and Saudi Crown Prince Mohammed bin Salman could goad U.S. President Donald Trump into conflict with Tehran.

Iran in charge of security of Strait of Hormuz: State radio

Oil prices stabilised on Wednesday as markets remained relatively tight amid <a href="https://www.wionews.com/business-economy/wall-street-stocks-tumble-over-us-china-trade-war-fears-dow-nasdaq-bleed-216870">US sanctions on crude </a>exporters Iran and Venezuela.

US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 per cent, above their last settlement.

Brent <a href="https://www.wionews.com/business-economy/international-oil-prices-dip-over-china-us-trade-dispute-iran-sanctions-216564">crude oil futures </a>were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close.

With US&nbsp;sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight.

"The tight and price-supportive fundamental outlook has not gone away," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank.

The United States re-imposed sanctions on Iran in November last year, demanding all countries stop importing oil from the country.

Iran has said it will defy the sanctions and continue to export oil.

Most analysts expect its crude export to fall to little more than 500,000 barrels per day, down from around 1 million bpd in April, as governments largely bow to American pressure.

Washington has also slapped sanctions on Venezuelan oil exports, further disrupting crude supply.

Wednesday's firmer prices partly reversed bigger price falls earlier in the week, which were triggered by announcements from Washington that the United States would this Friday further hike import tariffs on Chinese goods.

"Intensifying trade tensions are raising question on ... oil demand prospects," ANZ bank said on Wednesday.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.

Oil prices stabilised on Wednesday as markets remained relatively tight amid US sanctions on crude exporters Iran and Venezuela. US West Texas Intermediate (WTI) crude futures were at $61.56 per barrel at 0057 GMT on Wednesday, 17 cents, or 0.3 per cent, above their last settlement. Brent crude oil futures were at $69.94 per barrel, 6 cents, or 0.1 percent, above their last close. With US sanctions on Iran and Venezuela in place, analysts said global oil markets remained tight. "The tight and price-supportive fundamental outlook has not gone away," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank. The United States re-imposed sanctions on Iran in November last year, demanding all countries stop importing oil from the country. Iran has said it will defy the sanctions and continue to export oil. Most analysts expect its crude export to fall to little more than 500,000 barrels per day, down from around 1 million bpd in April, as governments largely bow to American pressure. Washington has also slapped sanctions on Venezuelan oil exports, further disrupting crude supply. Wednesday's firmer prices partly reversed bigger price falls earlier in the week, which were triggered by announcements from Washington that the United States would this Friday further hike import tariffs on Chinese goods. "Intensifying trade tensions are raising question on ... oil demand prospects," ANZ bank said on Wednesday.

International oil prices remain tight amid US sanctions on Iran, Venezuela

Oil prices rose to their highest level since November 2018 on Monday, <a href="https://www.wionews.com/business-economy/oil-prices-edge-lower-after-us-inventories-build-207813">driven upwards by OPEC's</a> ongoing supply cuts, US&nbsp;sanctions against Iran and Venezuela, and strong US&nbsp;jobs data.

International benchmark Brent futures were at $70.65 per barrel at 0441 GMT on Monday, up 31 cents, or 0.4 per cent from their last close.

US&nbsp;West Texas Intermediate (WTI) crude were up 31 cents, or 0.5 per cent, at $63.39 per barrel.

Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday.

"Brent prices increased more than 30 per cent year-to-date as OPEC+ continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook," US&nbsp;bank J.P. Morgan said in a note.

To prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.

Energy consultancy FGE said these cuts meant "excess inventories are disappearing," adding that "the market is poised for prices to rise to $75 per barrel or higher" for Brent.

Strong US&nbsp;jobs data on Friday also helped lift Asian markets on Monday.

"Oil bulls are drawing heart from the strong employment data in the US," said Sukrit Vijayakar, director of energy consultancy Trifecta.

"Military action in Libya, which could disrupt supply from the OPEC member, also aided prices," he said.

Crude has been driven up further by US&nbsp;sanctions against Iran and Venezuela.

"Sanctions can cut 500,000 bpd of Venezuelan exports. Add that to a cut in Iran waivers and prices can rise substantially," FGE said.

Despite the host of price drivers, there remain factors that could bring oil down later this year.

Russia is a reluctant participant in its agreement with OPEC to withhold output, and it may increase production if the deal is not extended before it expires on July 1, Energy Minister Alexander Novak said on Friday.

Russian oil output reached a national record high of 11.16 million bpd last year.

In the United States, crude production reached a global record 12.2 million bpd in late March.

US&nbsp;crude exports have also risen, breaking through 3 million bpd for the first time earlier this year.

"With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in US&nbsp;exports," FGE said.

There also remain concerns about the health of the global economy, especially should China and the United States fail to resolve their trade dispute soon.

"Global demand has weakened, and existing tariffs on Chinese goods shipments to the US&nbsp;are providing an additional drag," rating agency Moody's said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.

Oil prices rose to their highest level since November 2018 on Monday, driven upwards by OPEC's ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data. International benchmark Brent futures were at $70.65 per barrel at 0441 GMT on Monday, up 31 cents, or 0.4 per cent from their last close. US West Texas Intermediate (WTI) crude were up 31 cents, or 0.5 per cent, at $63.39 per barrel. Brent and WTI both hit their highest since November at $70.76 and $63.48 a barrel, respectively, early on Monday. "Brent prices increased more than 30 per cent year-to-date as OPEC+ continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook," US bank J.P. Morgan said in a note. To prop up prices, the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year. Energy consultancy FGE said these cuts meant "excess inventories are disappearing," adding that "the market is poised for prices to rise to $75 per barrel or higher" for Brent. Strong US jobs data on Friday also helped lift Asian markets on Monday. "Oil bulls are drawing heart from the strong employment data in the US," said Sukrit Vijayakar, director of energy consultancy Trifecta. "Military action in Libya, which could disrupt supply from the OPEC member, also aided prices," he said. Crude has been driven up further by US sanctions against Iran and Venezuela. "Sanctions can cut 500,000 bpd of Venezuelan exports. Add that to a cut in Iran waivers and prices can rise substantially," FGE said. Despite the host of price drivers, there remain factors that could bring oil down later this year. Russia is a reluctant participant in its agreement with OPEC to withhold output, and it may increase production if the deal is not extended before it expires on July 1, Energy Minister Alexander Novak said on Friday. Russian oil output reached a national record high of 11.16 million bpd last year. In the United States, crude production reached a global record 12.2 million bpd in late March. US crude exports have also risen, breaking through 3 million bpd for the first time earlier this year. "With the new Permian pipelines (from July), we can see a boost of 500,000 to 600,000 bpd in US exports," FGE said. There also remain concerns about the health of the global economy, especially should China and the United States fail to resolve their trade dispute soon. "Global demand has weakened, and existing tariffs on Chinese goods shipments to the US are providing an additional drag," rating agency Moody's said on Monday, although it added that Chinese stimulus measures would likely support growth over 2019.

Oil prices rise on OPEC cuts, US sanctions against Iran, Venezuela

Venezulea Crisis: Crude oil prices surge

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks.

However, a lower opening of the domestic equity markets capped the rise, dealers said.

At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.79 a dollar against the previous close of 70.14. Further, the domestic unit surrendered early gains to quote at 69.95, showing a gain of 19 paise.

Financial markets were closed on Tuesday on account of Christmas.

On Monday, the <a href="http://www.wionews.com/business-economy/rupee-recovers-4-paise-on-weak-dollar-falling-crude-186203">rupee had recovered 4 paise</a> to close at 70.14 against the American currency, following weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

Meanwhile, the benchmark BSE Sensex plunged over 350 points as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.&nbsp;

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks. However, a lower opening of the domestic equity markets capped the rise, dealers said.

The rupee gained 19 paise against the US dollar Wednesday to trade at 69.95 after increased selling of the US currency by exporters and banks. However, a lower opening of the domestic equity markets capped the rise, dealers said. At the Interbank Foreign Exchange, the rupee opened on a strong note at 69.79 a dollar against the previous close of 70.14. Further, the domestic unit surrendered early gains to quote at 69.95, showing a gain of 19 paise. Financial markets were closed on Tuesday on account of Christmas. On Monday, the rupee had recovered 4 paise to close at 70.14 against the American currency, following weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US. Meanwhile, the benchmark BSE Sensex plunged over 350 points as investors turned jittery over political uncertainty in the US and fears of a global economic slowdown amid heavy selloff by foreign investors.

Rupee surges 19 paise against dollar despite low opening of domestic markets

The rupee Monday recovered by 4 paise to close at 70.14 against the US currency, aided by weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

Crude oil prices remained below the $55 per barrel mark, strengthening the rupee sentiment, a forex dealer said.

The dollar was weak against major currencies in global markets which supported the local currency, the dealer said.

The dollar index, which measures the US currency's strength against a basket of six major global currencies, was down at 96.27 amid growth worries and political uncertainty in the US due to the shutdown.

The rupee opened strong by 8 paise against the US dollar at 70.10 in early trade on dollar selling by exporters and banks.

It gained 30 paise to touch a day's high of 69.88 per dollar in late morning trade as the dollar remained weak in global markets.

The domestic currency, however, trimmed its early gains due to month-end dollar demand and losses in equity markets in the last hour of the trade.

Foreign investors pulled out Rs 577 crore from capital markets Monday, provisional exchange data showed.

The rupee finally ended up by 4 paise or 0.06 per cent at 70.14 per dollar.

Stock markets fell for a third session due to heavy selling in realty, consumer durables, metal and auto counters amid weak global cues. The benchmark <a href="http://www.wionews.com/business-economy/sensex-nifty-drops-272-points-on-global-selloff-186157">BSE Sensex</a> dropped 0.76 per cent while the broader NSE Nifty declined 0.84 per cent to settle below the 10,700 level.

Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.1757 and for rupee/euro at 79.8824. The reference rate for rupee/British pound was fixed at 88.8710 and for rupee/100 Japanese yen at 63.16.&nbsp;

The rupee Monday recovered by 4 paise to close at 70.14 against the US currency, aided by weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US.

The rupee Monday recovered by 4 paise to close at 70.14 against the US currency, aided by weak crude oil prices and the dollar's losses in global markets due to political uncertainty in the US. Crude oil prices remained below the $55 per barrel mark, strengthening the rupee sentiment, a forex dealer said. The dollar was weak against major currencies in global markets which supported the local currency, the dealer said. The dollar index, which measures the US currency's strength against a basket of six major global currencies, was down at 96.27 amid growth worries and political uncertainty in the US due to the shutdown. The rupee opened strong by 8 paise against the US dollar at 70.10 in early trade on dollar selling by exporters and banks. It gained 30 paise to touch a day's high of 69.88 per dollar in late morning trade as the dollar remained weak in global markets. The domestic currency, however, trimmed its early gains due to month-end dollar demand and losses in equity markets in the last hour of the trade. Foreign investors pulled out Rs 577 crore from capital markets Monday, provisional exchange data showed. The rupee finally ended up by 4 paise or 0.06 per cent at 70.14 per dollar. Stock markets fell for a third session due to heavy selling in realty, consumer durables, metal and auto counters amid weak global cues. The benchmark BSE Sensex dropped 0.76 per cent while the broader NSE Nifty declined 0.84 per cent to settle below the 10,700 level. Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 70.1757 and for rupee/euro at 79.8824. The reference rate for rupee/British pound was fixed at 88.8710 and for rupee/100 Japanese yen at 63.16.

Rupee recovers 4 paise on weak dollar, falling crude 

Foreign investors have pumped in close to Rs 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude oil prices.

This comes following a 10-month high net inflow of over Rs 12,266 crore in the capital markets (equity and debt) by <a href="http://www.wionews.com/business-economy/fpis-pull-out-nearly-rs-400-crore-in-just-5-sessions-on-global-cues-182620">Foreign Portfolio Investors </a>(FPIs) in November.

According to data available with the depositories, FPIs infused a net amount of Rs 1,332 crore in equities and Rs 2,552 crore in the debt markets, taking the total to Rs 3,884 crore during December 3-21.

Marketmen attributed the inflow to persistent fall in crude oil prices, which dropped to over 15-month lows, and strengthening rupee against the dollar.

However, till December 7, FPIs were net sellers in the equity market, pulling out funds to the tune of Rs 383 crore. However, they had put in Rs 2,744 crore in the debt markets during the period under review.

"The sell-off was triggered on December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India.

"Investors fear that the relationship between the world's two biggest economies — US and China — could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added.

The sell-off by FPIs was triggered after Chinese telecom giant Huawei's CFO <a href="http://www.wionews.com/world/huawei-cfo-meng-wanzhou-freed-on-bail-leaves-courthouse-183504">Meng Wanzhou</a>, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations.

FPIs have pulled out over Rs 84,200 crore from the capital markets so far this year. This includes close to Rs 34,000 crore from equities and Rs 50,200 crore from the debt market.

Foreign investors have pumped in close to Rs 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude oil prices.

Foreign investors have pumped in close to Rs 4,000 crore in the Indian capital markets this month so far on strengthening rupee and easing global crude oil prices. This comes following a 10-month high net inflow of over Rs 12,266 crore in the capital markets (equity and debt) by Foreign Portfolio Investors (FPIs) in November. According to data available with the depositories, FPIs infused a net amount of Rs 1,332 crore in equities and Rs 2,552 crore in the debt markets, taking the total to Rs 3,884 crore during December 3-21. Marketmen attributed the inflow to persistent fall in crude oil prices, which dropped to over 15-month lows, and strengthening rupee against the dollar. However, till December 7, FPIs were net sellers in the equity market, pulling out funds to the tune of Rs 383 crore. However, they had put in Rs 2,744 crore in the debt markets during the period under review. "The sell-off was triggered on December 6, when FPIs sold net assets worth Rs 361 crore in a single day. This could be largely attributed to the weakness in the global markets due to the arrest of a high-profile Chinese executive which led to a sharp fall in the stock markets globally," said Himanshu Srivastava, Senior Analyst Manager Research, Morningstar Investment Adviser India. "Investors fear that the relationship between the world's two biggest economies — US and China — could deteriorate following the arrest and hurt economic growth. Consequently, they chose to adopt a cautious stance and shun risky assets, such as their investments in emerging markets like India, which are more susceptible to weak global cues," he added. The sell-off by FPIs was triggered after Chinese telecom giant Huawei's CFO Meng Wanzhou, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations. FPIs have pulled out over Rs 84,200 crore from the capital markets so far this year. This includes close to Rs 34,000 crore from equities and Rs 50,200 crore from the debt market.

FPIs infuse Rs 4,000-cr in 3 weeks on strengthening rupee, easing crude prices

Even as the OPEC or Organisation of the <a href="http://www.wionews.com/world/us-not-in-a-position-to-tell-us-what-to-do-says-saudi-arabia-on-oil-price-cut-181971">Petroleum Exporting Countries meet happens</a> in Vienna, Saudi Arabia's energy minister Khalid al-Falih said India's prime minister Narendra Modi was&nbsp;"vocal" about the increase in oil prices and raised it with Riyadh many times.&nbsp;

Speaking to reporters ahead of the OPEC meeting, Khalid al-Falih said: "We also take views of Prime Minister Modi, who is equally vocal. We just met him in Buenos Aires. Privately he made those points. He does care for Indian consumers."

He also disclosed that PM Modi had met him three&nbsp;times in India at "various energy events in India. And he was very vocal".

The Saudi energy minister assured the nervous energy market that the Kingdom will ensure&nbsp;affordable oil prices, adding, "consumer in the&nbsp;US, just like a consumer in France, just like a consumer in India, wants affordable energy".

Unstable oil prices has been a key issue which&nbsp;India has been raising during its meeting with oil producing countries especially Saudi Arabia. It was one of the main&nbsp;issues India raised at the recently concluded 13th G20 Summit in Argentina.&nbsp;

Meanwhile, OPEC has agreed to cut prices but has been waiting for non-member Russia's nod to decide on the volume of the intended cut.

The comments by Saudi energy minister comes a&nbsp;week after PM Modi met Saudi Arabia's crown prince&nbsp;Mohammad Bin Salman on the sidelines of the G20 summit.

During the bilateral meeting, according to the foreign secretary Vijay Gokhale, "the PM, in particular, stressed upon the importance of having stable energy prices".

India views the Kingdom of Saudi Arabia as a "valuable partner"&nbsp;and the relationship has expanded beyond issues related to the Indian community to&nbsp;economy, energy and security.

PM Modi visited Saudi Arabia in 2016 during which King Salman honoured him with ‘Sash of King Abdulaziz’, the highest civilian decoration awarded by the Kingdom.

Even as the OPEC or Organisation of the Petroleum Exporting Countries meet happens in Vienna, Saudi Arabia's energy minister Khalid al-Falih said India's prime minister Narendra Modi was "vocal" about the increase in oil prices and raised it with Riyadh many times.

Even as the OPEC or Organisation of the Petroleum Exporting Countries meet happens in Vienna, Saudi Arabia's energy minister Khalid al-Falih said India's prime minister Narendra Modi was "vocal" about the increase in oil prices and raised it with Riyadh many times. Speaking to reporters ahead of the OPEC meeting, Khalid al-Falih said: "We also take views of Prime Minister Modi, who is equally vocal. We just met him in Buenos Aires. Privately he made those points. He does care for Indian consumers." He also disclosed that PM Modi had met him three times in India at "various energy events in India. And he was very vocal". The Saudi energy minister assured the nervous energy market that the Kingdom will ensure affordable oil prices, adding, "consumer in the US, just like a consumer in France, just like a consumer in India, wants affordable energy". Unstable oil prices has been a key issue which India has been raising during its meeting with oil producing countries especially Saudi Arabia. It was one of the main issues India raised at the recently concluded 13th G20 Summit in Argentina. Meanwhile, OPEC has agreed to cut prices but has been waiting for non-member Russia's nod to decide on the volume of the intended cut. The comments by Saudi energy minister comes a week after PM Modi met Saudi Arabia's crown prince Mohammad Bin Salman on the sidelines of the G20 summit. During the bilateral meeting, according to the foreign secretary Vijay Gokhale, "the PM, in particular, stressed upon the importance of having stable energy prices". India views the Kingdom of Saudi Arabia as a "valuable partner" and the relationship has expanded beyond issues related to the Indian community to economy, energy and security. PM Modi visited Saudi Arabia in 2016 during which King Salman honoured him with ‘Sash of King Abdulaziz’, the highest civilian decoration awarded by the Kingdom.

We also take views of PM Modi, he cares about Indian consumers: Saudi energy minister on oil price cut

Oil markets remained weak on Friday, <a href="http://www.wionews.com/world/president-donald-trump-thanks-saudi-arabia-for-lower-oil-prices-178671">pressured by concerns that producers</a> are churning out more oil than the world needs amid a bleak economic outlook.

US West Texas Intermediate (WTI) crude futures CLc1, were at $54.07 per barrel at 0204 GMT, down 56 cents, or 1 per cent, below their last settlement.

Front-month Brent crude oil futures LCOc1 were at $62.64 per barrel, 4 cents above their last close amid thin trading due to a holiday in Japan.

“Oil prices fell as concerns of further oversupply drove sentiment lower,” ANZ bank said on Friday.

Brent may revisit its November 20 low of $61.71 per barrel in the near-term, Reuters technical commodity analyst Wang Tao said.

Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands around 100 million barrels per day (bpd).

High production comes as the demand outlook weakens on the back of a global economic slowdown.

Oil prices have plunged by around 30 per cent since their last peaks in early October, as global production started to exceed consumption in the fourth quarter of this year, ending a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon.

Adjusting to lower demand, top crude exporter Saudi Arabia said that it may reduce supply.

“We will not sell oil that customers don’t need,” Saudi Energy Minister Khalid al-Falih said.

Saudi Arabia is the de-facto leader of the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is discussing to cut oil supply by as much as 1.4 million bpd to prevent a supply glut.

Oil markets remained weak on Friday, pressured by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook. US West Texas Intermediate (WTI) crude futures CLc1, were at $54.

Oil markets remained weak on Friday, pressured by concerns that producers are churning out more oil than the world needs amid a bleak economic outlook. US West Texas Intermediate (WTI) crude futures CLc1, were at $54.07 per barrel at 0204 GMT, down 56 cents, or 1 per cent, below their last settlement. Front-month Brent crude oil futures LCOc1 were at $62.64 per barrel, 4 cents above their last close amid thin trading due to a holiday in Japan. “Oil prices fell as concerns of further oversupply drove sentiment lower,” ANZ bank said on Friday. Brent may revisit its November 20 low of $61.71 per barrel in the near-term, Reuters technical commodity analyst Wang Tao said. Oil supply has surged this year, with the top-three producers of the United States, Russia and Saudi Arabia pumping out more than a third of global consumption, which stands around 100 million barrels per day (bpd). High production comes as the demand outlook weakens on the back of a global economic slowdown. Oil prices have plunged by around 30 per cent since their last peaks in early October, as global production started to exceed consumption in the fourth quarter of this year, ending a period of undersupply that started in the first quarter of 2017, according to data in Refinitiv Eikon. Adjusting to lower demand, top crude exporter Saudi Arabia said that it may reduce supply. “We will not sell oil that customers don’t need,” Saudi Energy Minister Khalid al-Falih said. Saudi Arabia is the de-facto leader of the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC), which is discussing to cut oil supply by as much as 1.4 million bpd to prevent a supply glut.

International oil prices fall amid supply glut, bleak economic outlook

The price of non-branded petrol was recorded as Rs 77.42 in Delhi, Rs 80.07 in Kolkata, Rs 85.24 in Mumbai and Rs 80.37 in Chennai, while the prices of non-branded Diesel accounted for Rs 68.58 in Delhi, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.40 in Chennai on Friday.

According to the Indian Oil Corporation, the prices of petrol reduced by 21-22 paisa per litre in Delhi, Kolkata, Mumbai and Chennai compared with the previous day's price. While the prices of diesel went down by 15-16 paise per litre.

The price of the petrol and diesel is being monitored by the state-run oil marketing companies.

The Indian Oil Corporation reviews the prices by comparing it with global crude oil and rupee-dollar forex rates, among other factors.

After the consistent reduction in the price of the two for ten days, the prices for petrol and diesel have not even reduced by a rupee.&nbsp;

While the consecutive increase in the prices since May 2014 had led to an increase of Rs 3.55 per litre and diesel by Rs 2.78.

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Price of non-branded Petrol in Delhi-Rs 77.42, Kolkata-Rs 80.07, Mumbai -Rs 85.24 and Chennai-Rs 80.37. Prices of non-branded Diesel in 
Delhi-Rs 68.58, Kolkata-Rs 71.13, Mumbai-Rs 73.02 and Chennai-Rs 72.40.
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The price of non-branded petrol was recorded as Rs 77.42 in Delhi, Rs 80.07 in Kolkata, Rs 85.24 in Mumbai and Rs 80.37 in Chennai, while the prices of non-branded Diesel accounted for Rs 68.58 in Delhi, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.40 in Chennai on Friday

The price of non-branded petrol was recorded as Rs 77.42 in Delhi, Rs 80.07 in Kolkata, Rs 85.24 in Mumbai and Rs 80.37 in Chennai, while the prices of non-branded Diesel accounted for Rs 68.58 in Delhi, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.40 in Chennai on Friday. According to the Indian Oil Corporation, the prices of petrol reduced by 21-22 paisa per litre in Delhi, Kolkata, Mumbai and Chennai compared with the previous day's price. While the prices of diesel went down by 15-16 paise per litre. The price of the petrol and diesel is being monitored by the state-run oil marketing companies. The Indian Oil Corporation reviews the prices by comparing it with global crude oil and rupee-dollar forex rates, among other factors. After the consistent reduction in the price of the two for ten days, the prices for petrol and diesel have not even reduced by a rupee. While the consecutive increase in the prices since May 2014 had led to an increase of Rs 3.55 per litre and diesel by Rs 2.78. Price of non-branded Petrol in Delhi-Rs 77.42, Kolkata-Rs 80.07, Mumbai -Rs 85.24 and Chennai-Rs 80.37. Prices of non-branded Diesel in Delhi-Rs 68.58, Kolkata-Rs 71.13, Mumbai-Rs 73.02 and Chennai-Rs 72.40. — ANI (@ANI) June 8, 2018 ×

Petrol, diesel prices reduce for 10th day

The BSE Sensex fell over 82 points in early trade today on weak global cues after President Donald Trump pulled the US out of the landmark Iran nuclear deal, fanning fears of an escalation in geopolitical tensions.

Crude oil prices zoomed past USD 76 per barrel mark amid foreign capital outflows and depreciating rupee.

Asian shares ticked down as renewed US sanctions on Tehran were seen as disruptive for oil supplies.

The 30-share Sensex fell by 82.12 points, or 0.23 per cent to 35,134.20. Sectoral indices led by oil and gas, PSU, banking, realty, auto, capital goods and power declined by up to 0.83 per cent.

The Sensex had gained 300.94 points in the previous two sessions.

The 50-share NSE Nifty also slipped below the 10,700-mark by shedding 27.95 points, or 0.26 per cent, to 10,689.85.

The laggards were ICICI Bank, HDFC, SBI, Axis Bank, Bharti Airtel and Adani Ports, falling up to 1.46 per cent.

However, IT stocks spurted after the rupee depreciated against the dollar. TCS rose 0.86 per cent, Infosys 0.59 per cent and Wipro 0.06 per cent.

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 97.15 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 923.25 crore in yesterday's trade, provisional data showed.

Among other Asian markets, Hong Kong's Hang Seng shed 0.04 per cent, while Shanghai Composite Index lost 0.16 per cent in early trade. Japan's Nikkei fell 0.43 per cent.

The US Dow Jones Industrial Average, however, edged up 0.01 per cent in yesterday's trade.&nbsp;

Crude oil prices zoomed past USD 76 per barrel mark amid foreign capital outflows and depreciating rupee.

The BSE Sensex fell over 82 points in early trade today on weak global cues after President Donald Trump pulled the US out of the landmark Iran nuclear deal, fanning fears of an escalation in geopolitical tensions. Crude oil prices zoomed past USD 76 per barrel mark amid foreign capital outflows and depreciating rupee. Asian shares ticked down as renewed US sanctions on Tehran were seen as disruptive for oil supplies. The 30-share Sensex fell by 82.12 points, or 0.23 per cent to 35,134.20. Sectoral indices led by oil and gas, PSU, banking, realty, auto, capital goods and power declined by up to 0.83 per cent. The Sensex had gained 300.94 points in the previous two sessions. The 50-share NSE Nifty also slipped below the 10,700-mark by shedding 27.95 points, or 0.26 per cent, to 10,689.85. The laggards were ICICI Bank, HDFC, SBI, Axis Bank, Bharti Airtel and Adani Ports, falling up to 1.46 per cent. However, IT stocks spurted after the rupee depreciated against the dollar. TCS rose 0.86 per cent, Infosys 0.59 per cent and Wipro 0.06 per cent. Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 97.15 crore, while domestic institutional investors (DIIs) bought shares to the tune of Rs 923.25 crore in yesterday's trade, provisional data showed. Among other Asian markets, Hong Kong's Hang Seng shed 0.04 per cent, while Shanghai Composite Index lost 0.16 per cent in early trade. Japan's Nikkei fell 0.43 per cent. The US Dow Jones Industrial Average, however, edged up 0.01 per cent in yesterday's trade.

Sensex slips 82 points on weak global cues

Diesel prices hit their highest in India since 2013 after they were hiked for a sixth consecutive day.&nbsp;

The prices of diesel and petrol were hiked effective Tuesday morning across Delhi, Mumbai, Kolkata and Chennai.

Petrol prices reached Rs 74.40 a litre, while diesel rates touched Rs 65.65, the highest-ever since May 2014 in Delhi, according to Indian Oil Corporation (IOC).

In Kolkata, Mumbai and Chennai petrol prices climbed to new highs of Rs 77.10, Rs 82.25 and Rs 77.19 respectively.&nbsp;

Diesel prices in the three cities touched record highs of Rs. 65.65, Rs. 68.35, Rs. 69.91 and Rs. 69.27 respectively.

The petrol and diesel prices across the country are revised on a day to day revisions by state-run oil marketing companies which is determined by international crude oil price.

The rise in crude oil prices is due to&nbsp;the ongoing supply cut of oil by the Organisation of the Petroleum Exporting Countries (OPEC), coupled with a strong global demand for crude causing a hike in petrol and diesel prices in India.

(With inputs from news agencies)

Petrol prices reached Rs 74.40 a litre, while diesel rates touched Rs 65.65, the highest ever since May 2014 in Delhi

Diesel prices hit their highest in India since 2013 after they were hiked for a sixth consecutive day. The prices of diesel and petrol were hiked effective Tuesday morning across Delhi, Mumbai, Kolkata and Chennai. Petrol prices reached Rs 74.40 a litre, while diesel rates touched Rs 65.65, the highest-ever since May 2014 in Delhi, according to Indian Oil Corporation (IOC). In Kolkata, Mumbai and Chennai petrol prices climbed to new highs of Rs 77.10, Rs 82.25 and Rs 77.19 respectively. Diesel prices in the three cities touched record highs of Rs. 65.65, Rs. 68.35, Rs. 69.91 and Rs. 69.27 respectively. The petrol and diesel prices across the country are revised on a day to day revisions by state-run oil marketing companies which is determined by international crude oil price. The rise in crude oil prices is due to the ongoing supply cut of oil by the Organisation of the Petroleum Exporting Countries (OPEC), coupled with a strong global demand for crude causing a hike in petrol and diesel prices in India. (With inputs from news agencies)

Petrol, diesel prices hiked for sixth consecutive day

Wholesale inflation fell to 2.60 per cent in September as prices of food articles, led by vegetables, softened.

Inflation, based on the wholesale price index (WPI), had soared to a four-month high of 3.24 per cent in August 2017. It was 1.36 per cent in September 2016.

The government data released today showed that inflation in food articles tapered to 2.04 per cent in September, as against 5.75 per cent in August on a yearly basis.

Inflation in vegetable prices cooled to 15.48 per cent in September, as against a high of 44.91 per cent in the previous month.

Onion prices, however, continued to rule high with 79.78 per cent increase in September. In egg, meat and fish segment the rate of price rise was 5.47 per cent.

Inflation in manufactured products witnessed a slight increase at 2.72 per cent, against 2.45 per cent in August.

In fuel and power segment, inflation cooled to 9.01 per cent, against 9.99 per cent in August.

Fuel inflation has remained high in the past two months as petrol and diesel prices continued to rule high relentlessly on global crude oil rates, while power tariffs shot through the roof on lower domestic production.

Pulses continued to witness deflation at 24.26 per cent, likewise in potato at 46.52 per cent and wheat at 1.71 per cent.

The final print of July WPI inflation remained unchanged from provisional estimate of 1.88 per cent.

Data released earlier this week showed retail inflation at 3.28 per cent in September, unchanged from August, even as vegetable and cereal prices softened.

Besides industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output.

Earlier this month, the Reserve Bank kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal.

It also raised its inflation forecast to a range of 4.2 to 4.6 per cent during the remainder of current fiscal as against 4 to 4.5 per cent previously.

WPI was at a four-month high of 3.24% in August

Wholesale inflation fell to 2.60 per cent in September as prices of food articles, led by vegetables, softened. Inflation, based on the wholesale price index (WPI), had soared to a four-month high of 3.24 per cent in August 2017. It was 1.36 per cent in September 2016. The government data released today showed that inflation in food articles tapered to 2.04 per cent in September, as against 5.75 per cent in August on a yearly basis. Inflation in vegetable prices cooled to 15.48 per cent in September, as against a high of 44.91 per cent in the previous month. Onion prices, however, continued to rule high with 79.78 per cent increase in September. In egg, meat and fish segment the rate of price rise was 5.47 per cent. Inflation in manufactured products witnessed a slight increase at 2.72 per cent, against 2.45 per cent in August. In fuel and power segment, inflation cooled to 9.01 per cent, against 9.99 per cent in August. Fuel inflation has remained high in the past two months as petrol and diesel prices continued to rule high relentlessly on global crude oil rates, while power tariffs shot through the roof on lower domestic production. Pulses continued to witness deflation at 24.26 per cent, likewise in potato at 46.52 per cent and wheat at 1.71 per cent. The final print of July WPI inflation remained unchanged from provisional estimate of 1.88 per cent. Data released earlier this week showed retail inflation at 3.28 per cent in September, unchanged from August, even as vegetable and cereal prices softened. Besides industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output. Earlier this month, the Reserve Bank kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7 per cent for the current fiscal. It also raised its inflation forecast to a range of 4.2 to 4.6 per cent during the remainder of current fiscal as against 4 to 4.5 per cent previously.

Wholesale inflation falls to 2.6% in September

Oil prices slipped on Monday as further increases in US drilling activity undercut an OPEC-led push to tighten supply.

Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply.

Brent crude futures were trading down 15 cents at $51.98 per barrel at 11:15 GMT. The contract ended the previous week down nearly 3 per cent.

US West Texas Intermediate (WTI) crude futures were also down 17 cents at $49.63 per barrel.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018.

An initial agreement, in place since January, would have expired in June this year.

Commerzbank analyst Carsten Fritsch called Monday&#39;s price moves little more than &quot;intraday noise&quot; but said hints of deeper cuts or a longer extension from OPEC left the market deflated after the final decision.

&quot;They increased expectations to such an extent that nine months was a disappointment,&quot; Fritsch said.

High compliance with the cuts so far was unlikely to last, he said, adding to worries about whether the pledge would dent physical oil stockpiles that remain near record levels.

&quot;The pain for OPEC will increase to such a point that 100 per cent compliance is unrealistic,&quot; Fritsch said.

Despite ongoing cuts, oil prices have not risen much beyond $50 per barrel.

OPEC&#39;s success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. US production has soared 10 per cent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia.

US drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc.

Almost all of the recent US output increases have been onshore, from so-called shale oil fields.

Even if the rig count did not rise further, Goldman Sachs said it estimated US output would increase by 785,000 bpd between the fourth quarter of 2016 and the fourth quarter of 2017 across the Permian, Eagle Ford, Bakken and Niobrara shale plays.

Analysts say that reducing bloated global stocks will be key to reining in oversupply.

&quot;It&#39;s going to be all about inventories and whether they fall as much as OPEC thinks,&quot; said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

(Reuters)

The OPEC and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018

Oil prices slipped on Monday as further increases in US drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply. Brent crude futures were trading down 15 cents at $51.98 per barrel at 11:15 GMT. The contract ended the previous week down nearly 3 per cent. US West Texas Intermediate (WTI) crude futures were also down 17 cents at $49.63 per barrel. The Organization of the Petroleum Exporting Countries and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018. An initial agreement, in place since January, would have expired in June this year. Commerzbank analyst Carsten Fritsch called Monday's price moves little more than "intraday noise" but said hints of deeper cuts or a longer extension from OPEC left the market deflated after the final decision. "They increased expectations to such an extent that nine months was a disappointment," Fritsch said. High compliance with the cuts so far was unlikely to last, he said, adding to worries about whether the pledge would dent physical oil stockpiles that remain near record levels. "The pain for OPEC will increase to such a point that 100 per cent compliance is unrealistic," Fritsch said. Despite ongoing cuts, oil prices have not risen much beyond $50 per barrel. OPEC's success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. US production has soared 10 per cent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia. US drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc. Almost all of the recent US output increases have been onshore, from so-called shale oil fields. Even if the rig count did not rise further, Goldman Sachs said it estimated US output would increase by 785,000 bpd between the fourth quarter of 2016 and the fourth quarter of 2017 across the Permian, Eagle Ford, Bakken and Niobrara shale plays. Analysts say that reducing bloated global stocks will be key to reining in oversupply. "It's going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. (Reuters)

Oil prices slip as US drilling undermines OPEC-led production cut

Members of the Organisation of Petroleum Exporting Countries (OPEC) have finally decided to cut down their oil production&nbsp;after eight long years of large scale production.

The decision has, however, shocked analysts and market watchers given that it included two rival nations -&nbsp;Saudi Arabia and Iran.

The last few years have seen a global&nbsp;slump in oil prices owing to an increase in the supply of crude oil. The increased supply was not matched by an equally increased demand resulting in an oil glut across the world.

The 2008 financial crisis had a severe impact on the global demand for oil, reducing the energy demand across industries and nations.

Ships carrying crude oil were reported to be stranded at sea for days due to the lack of enough demand.

After OPEC&rsquo;s decision to cut oil production, crude oil prices marked an increase of six per cent.

<h3>Kazakhstan opening Kashagan oil field</h3>

 
Recently, non-OPEC member Kazakhstan announced that it is opening its Kashagan oil field at the North Caspian sea.

It is one of the largest oil discoveries in the past 40 years but the project has been stalled since 2013. The government of Kazakhstan has made an investment of around USD 50 billion in the project.

Kazakhstan has also announced the expansion of its Tengiz oil field simultaneously. This decision too would increase global oil supply and disturb the crude oil market.

The central Asian country has been experiencing high current account deficit for the last couple of years and the export of oil can help it better the deficit.

Countries like Venezuela face a&nbsp;serious threat with such announcements as oil is their most crucial source of income for this South American nation. During the boom period, Venezuela had focused so much on oil that when the fall in prices had a severe impact on its economy.

(WION)

The decision that has been long pending led to a six per cent increase in crude oil prices

Members of the Organisation of Petroleum Exporting Countries (OPEC) have finally decided to cut down their oil production after eight long years of large scale production. The decision has, however, shocked analysts and market watchers given that it included two rival nations - Saudi Arabia and Iran. The last few years have seen a global slump in oil prices owing to an increase in the supply of crude oil. The increased supply was not matched by an equally increased demand resulting in an oil glut across the world. The 2008 financial crisis had a severe impact on the global demand for oil, reducing the energy demand across industries and nations. Ships carrying crude oil were reported to be stranded at sea for days due to the lack of enough demand. After OPEC’s decision to cut oil production, crude oil prices marked an increase of six per cent. Kazakhstan opening Kashagan oil field Recently, non-OPEC member Kazakhstan announced that it is opening its Kashagan oil field at the North Caspian sea. It is one of the largest oil discoveries in the past 40 years but the project has been stalled since 2013. The government of Kazakhstan has made an investment of around USD 50 billion in the project. Kazakhstan has also announced the expansion of its Tengiz oil field simultaneously. This decision too would increase global oil supply and disturb the crude oil market. The central Asian country has been experiencing high current account deficit for the last couple of years and the export of oil can help it better the deficit. Countries like Venezuela face a serious threat with such announcements as oil is their most crucial source of income for this South American nation. During the boom period, Venezuela had focused so much on oil that when the fall in prices had a severe impact on its economy. (WION)

OPEC nations to finally cut down oil production

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