Crudeoil News

India aims to resume ONGC Videsh’s operations in Iraq’s hydrocarbon exploration block, which has been under force majeure since 2003. Amid Iraq’s emergence as a major crude oil supplier to India, the potential resumption and investments were discussed during an India-Iraq Joint Commission Meeting. Strengthening energy ties and exploring investment opportunities were emphasized. Stay tuned for insights into India’s strategic move and its impact on the energy landscape in the region.

A major oil production cut announcement by OPEC+ countries pushed the global oil prices up by 6% in morning trade. Riyadh along with other major oil producers have announced to cut oil production by 500,000 barrels per day. The voluntary cuts announced by OPEC+ countries will come into effect from May but the markets reacted sharply to the news on Monday. The west Texas intermediate contract jumped 5.7% to 80 dollars a barrel and Brent jumped 5.67% to 84.4 dollars.The cuts announced by OPEC+ will remain in effect till the end of the year. Earlier, OPEC+ had slashed the oil production by two million barrels per day in October. This is the single biggest oil production cut since then.

Oil has fallen 13% from the highs of June as US and China have been locked in a trade dispute and slapped tariffs on billions of dollars of each other’s goods