World oil demand will fall more steeply in 2020 than previously forecast because of the coronavirus and there are doubts about next year’s recovery, Opec forecast on Wednesday, potentially makin...

The impact of the recent decision by oil cartel Opec to cut output will be felt only in January, the government said on Tuesday.“Let us wait and watch to see what happens next… Any kind of rationi...

The tiny, wealthy Persian Gulf state of Qatar will withdraw from Opec in January, the country’s energy minister said on Monday.The minister, Saad Sherida al-Kaabi, said the move would allow Qatar to...

The Prime Minister on Monday warned global oil producers that high crude prices were hurting world economic growth and could slow down demand for their produce.While brainstorming with the chief execu...

Top oil nations were finalising a deal at G20 talks on Friday for big output cuts to lift prices slammed by the coronavirus crisis with Russia and Saudi Arabia taking a lion’s share and signs the Un...

 India is exploring the possibility of picking up stakes in explored oil and gas blocks in South America.The country is also planning to join hands with another energy guzzler China to collective...

Opec and Russia are moving closer to a compromise on extending current oil output cuts and are discussing a proposal to roll over supply curbs for one to two months, three Opec+ sources told Reuters o...

Oil slipped on Monday after Saudi Arabia said an extension of output cuts by Opec+ nations would not include extra voluntary cuts by a trio of Gulf producers.Brent crude was down 14 cents, or 0.3 per ...

The government is planning to garner the windfall benefits of a slide in global crude prices by hiking excise duty to shore up its revenue to meet a shortfall in receipts from divestment and GST colle...

Opec, Russia and allies agreed on Saturday to extend record oil production cuts till the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost...