Opec Meeting

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

Ahead of a meeting of oil producers' cartel OPEC, India said today that the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy.

Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15 per cent, while meeting the normal monthly requirements of Indian refiners

"The price-sensitive Indian consumers are affected by rising petroleum product prices," Oil Minister Dharmendra Pradhan said ahead of a policy-setting meeting of the OPEC

Oil was lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices

The world's top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets

Saudi's announcement drove oil prices as much as 25 per cent higher on Thursday, adding to growing signs that Riyadh and Moscow may be ready to end their battle for market share and cooperate again, news agency Reuters reported.

When OPEC ministers descend on Vienna to decide oil production policy, their meetings are usually accompanied by displays of brotherhood between the men in charge of a third of global crude supplies.

US liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting US demand of 21.34 million bpd, OPEC said.

Mr Pradhan said the voice of India, the world's third-largest energy consumer behind the US and China, is now being heard and OPEC Secretary-General has been taking its views to the meetings of the producers.

Russia, a participant in the OPEC-led supply cuts that currently expire in June, signalled on Monday it wanted to raise output when it meets with OPEC because of falling stockpiles.

OPEC will later ask non-OPEC producers to contribute an additional 0.4 million bpd to the cuts, the report said.

OPEC tentatively agreed to an oil output cut but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply.

The Organisation of Petroleum Exporting Countries or OPEC will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices, Saudi oil minister Khalid Al Falih said on Thursday.

Analysts expect oil demand to gather pace in the second half of the year as more people are vaccinated against COVID-19 and travel restrictions are eased.

Ahead of a meeting of oil producers' cartel OPEC, India said today that the current oil prices are "very challenging" and rates need to be a "little bit sober" lest they impact a consumption-led recovery of the global economy.

Top oil exporter Saudi Arabia has cut the supply of April-loading crude to at least four north Asian buyers by up to 15 per cent, while meeting the normal monthly requirements of Indian refiners

"The price-sensitive Indian consumers are affected by rising petroleum product prices," Oil Minister Dharmendra Pradhan said ahead of a policy-setting meeting of the OPEC

Oil was lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices

The world's top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets

Saudi's announcement drove oil prices as much as 25 per cent higher on Thursday, adding to growing signs that Riyadh and Moscow may be ready to end their battle for market share and cooperate again, news agency Reuters reported.

When OPEC ministers descend on Vienna to decide oil production policy, their meetings are usually accompanied by displays of brotherhood between the men in charge of a third of global crude supplies.

US liquids output will reach 20.21 million bpd in the fourth quarter of 2020 - almost meeting US demand of 21.34 million bpd, OPEC said.

Mr Pradhan said the voice of India, the world's third-largest energy consumer behind the US and China, is now being heard and OPEC Secretary-General has been taking its views to the meetings of the producers.

Russia, a participant in the OPEC-led supply cuts that currently expire in June, signalled on Monday it wanted to raise output when it meets with OPEC because of falling stockpiles.

OPEC will later ask non-OPEC producers to contribute an additional 0.4 million bpd to the cuts, the report said.

OPEC tentatively agreed to an oil output cut but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply.

The Organisation of Petroleum Exporting Countries or OPEC will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices, Saudi oil minister Khalid Al Falih said on Thursday.