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Oil prices hike by 5 percent

Oil prices have increased more than 5 percent after the OPEC and non-OPEC producers came together to put curbs on oil production and ease global saturation. The step is being seen as the first joint action between oil producing nations after 2001 after two years of low prices of oil which had put the budgets ..


Oil prices rise as OPEC agrees on output cuts

The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut 1.2 million barrels of oil a day from its output to 32.5 million barrels beginning from January. This has lead to a surge in the global oil prices. This is the first such cut made by OPEC in the last eight years. OPEC plays ..


Iran becomes top oil supplier to India

According to the shipping data, Iran overtook Saudi Arabia to become India’s top oil supplier in October. Generally, Iran used to be the second biggest oil supplier of India. But with Western sanctions over its nuclear development, its position was occupied by Iraq. Now, with the lifting of sanctions in January, India’s imports from Iran ..


Oil Ministers of OPEC to meet in Vienna

Oil Ministers of the 12 oil exporting group OPEC will meet in Vienna It is expected that the group will maintain the ceiling of 30 million barrels oil production per day for the member nations International Energy Agency based in Paris asserted in its report that the market is better supplied and it would be ..