Following the Organisation of Petroleum Exporting Countries' (Opec) decision to cut crude oil production by 1.2 million barrels per day (mpbd), the price of petrol is expected to go up by 5-8 per cent and
Oil prices surged over 12 percent on Wednesday after OPEC representatives reached a landmark deal to reduce oil output to drain a global supply glut. The Organization of the Petroleum Exporting Countries said Wednesday that
New York: Oil prices dived on Friday as market expected the global supplies to exceed the demand.Last Friday, the Organisation of the Petroleum Exporting Countries (OPEC) kept crude production pumping at current level in an
New York: As OPEC, the international organization of oil exporting countries, refused to cut down production, the prices of oil dropped sharply bringing it down to the lowest level since February 2009.The sharp drop in
New Delhi: After having dropped below the psychological $50-a-barrel-mark earlier in the week, the Indian basket of crude oils closed below $49 on its last trading on the eve of Independence Day.State-run Indian Oil Corp
New York: Oil prices plunged as the market expected crude production from the Organisation of Petroleum Exporting Countries (OPEC) to hit a high in July.In June, OPEC production increased by 283,000 barrels per day to
New York: Oil prices went down as the market continued to worry about the global supply glut.US crude supplies of last week added 2.5 million barrels to 463.89 million, according to the weekly report of
New Delhi: International oil prices will come down with the imminent lifting of sanctions against Iran and benefit India, Petroleum Minister Dharmendra Pradhan said today.“With Iran coming to market, the assumption is that there will
Singapore: Crude prices edged lower in Asia today on worries about a global oversupply after a veteran former energy minister in Qatar warned OPEC members against cutting output unilaterally.US benchmark West Texas Intermediate for June
New York: Oil prices rose on the news of the death of Saudi Arabia's King Abdullah on Thursday, but the king's death is not expected to change the course of oil prices over the next
Tehran: Iran has urged Saudi Arabia to help stop the continuous slump in oil prices in order to protect the economies of the region's oil producing countries, media reports said."We have told Saudi Arabian officials
Paris: The International Energy Agency (IEA) is maintaining its forecast of a weak increase in global oil demand this year, pointing out that the demand might increase slightly in 2015.In its monthly report released Friday,
Caracas: Venezuelan President Nicolas Maduro has blamed Washington for the slump in global oil prices.Washington was "flooding" the market with cheaper shale oil to bring down prices and ultimately impact Russia and other oil-producing nations,
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