Oil Production

The Kremlin warned Friday of a "further imbalance" to global energy markets ahead of an EU embargo on Russian oil products due to come into force this weekend.

Crude oil output, however, contracted by 1.2 per cent in December last year.

Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October.

The government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030.

President Vladimir Putin warned Friday that Russia could reduce oil production in response to a $60 price cap on its oil exports agreed by Western nations over Moscow's Ukraine offensive.

In October, crude oil, natural gas, refinery products, and cement output recorded negative growth rate.

India stepped up vacuum gasoil (VGO) exports to the United States this year in an unusual trade flow for the oil product as the West seeks alternatives to replace Russian supplies, according to traders and data analytics firms.

Metals to oil conglomerate Vedanta Ltd expects annual revenue of $50 billion in the next two to three years, as it looks to ramp up production, including metals used in electric car batteries, its chairman said.

Indian state fuel retailers have not raised pump prices since April.

US President Joe Biden on Wednesday said his administration will take action against Saudi Arabia after the Riyadh-led OPEC+ alliance announced plans to cut oil production, a move that America said would support oil exporters such as Russia

President Joe Biden is "disappointed" with the OPEC+ cartel's decision to slash oil production output, saying it will hurt the world economy, the White House said Wednesday.

Stock Market India: Equity benchmarks opened in the red on the first trading day of October, tracking a fall in Asian equities after a surge in oil on expectations oil producers would likely cut production, raising higher inflation worries.

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.

The Taliban have signed a provisional deal with Russia to supply gasoline, diesel, gas and wheat to Afghanistan, Acting Afghan Commerce and Industry Minister Haji Nooruddin Azizi told Reuters.

Oil prices fell more 1% on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian.

The Kremlin warned Friday of a "further imbalance" to global energy markets ahead of an EU embargo on Russian oil products due to come into force this weekend.

Crude oil output, however, contracted by 1.2 per cent in December last year.

Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October.

The government in 2022 aggressively pushed for the adoption of electric vehicles, the production of green hydrogen, manufacturing of solar equipment and energy storage in pursuit of its ambitious 500 GW renewable capacity target by 2030.

President Vladimir Putin warned Friday that Russia could reduce oil production in response to a $60 price cap on its oil exports agreed by Western nations over Moscow's Ukraine offensive.

In October, crude oil, natural gas, refinery products, and cement output recorded negative growth rate.

India stepped up vacuum gasoil (VGO) exports to the United States this year in an unusual trade flow for the oil product as the West seeks alternatives to replace Russian supplies, according to traders and data analytics firms.

Metals to oil conglomerate Vedanta Ltd expects annual revenue of $50 billion in the next two to three years, as it looks to ramp up production, including metals used in electric car batteries, its chairman said.

Indian state fuel retailers have not raised pump prices since April.

US President Joe Biden on Wednesday said his administration will take action against Saudi Arabia after the Riyadh-led OPEC+ alliance announced plans to cut oil production, a move that America said would support oil exporters such as Russia

President Joe Biden is "disappointed" with the OPEC+ cartel's decision to slash oil production output, saying it will hurt the world economy, the White House said Wednesday.

Stock Market India: Equity benchmarks opened in the red on the first trading day of October, tracking a fall in Asian equities after a surge in oil on expectations oil producers would likely cut production, raising higher inflation worries.

India has slashed the base import prices of crude and refined palm oil, crude soya oil and gold, the government said in a statement late on Friday, as prices corrected in the world market.

The Taliban have signed a provisional deal with Russia to supply gasoline, diesel, gas and wheat to Afghanistan, Acting Afghan Commerce and Industry Minister Haji Nooruddin Azizi told Reuters.

Oil prices fell more 1% on Wednesday, pressured by a strengthening dollar and crude storage builds that offset support from U.S. production cuts caused by Hurricane Ian.