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KUNA : OPEC, non-OPEC decide to increase output as of May - General
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OPEC and allies to boost production after US calls Saudi Arabia
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OPEC and allies to boost production after US calls Saudi Arabia
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Mar 09 2021, 5:07 AM
March 07 2021, 11:30 AM
March 09 2021, 5:07 AM
(Bloomberg Opinion) âDrill, baby, drill is gone forever.â Thatâs the view expressed by Saudi energy minister Prince Abdulaziz Bin Salman after last weekâs meeting of the alliance of oil producers known as OPEC+.Â
(Bloomberg Opinion) âDrill, baby, drill is gone forever.â Thatâs the view expressed by Saudi energy minister Prince Abdulaziz Bin Salman after last weekâs meeting of the alliance of oil producers known as OPEC+.Â
The prince, who enjoys surprising the oil market, was riding high. He had just encouraged and cajoled his colleagues into accepting, for another month, his careful approach to adding back the supply they took off the market last May. He urged caution from the get-go, offering the view that demand recovery will remain fragile until Covid vaccine campaigns are much further along.
Use the cheap oil in strategic reserves, Saudi tells India after pleas for increased supply
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Use the cheap oil in strategic reserves, Saudi tells India after pleas for increased supplyET Bureau
Last Updated: Mar 06, 2021, 07:08 AM IST
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Synopsis
While warning that the higher prices would impede the economic recovery from the pandemic, oil minister Dharmendra Pradhan had repeatedly sought easing of supplies. Petrol and diesel prices have risen about Rs 9 per litre each over the last three months, raising concern that high fuel costs may stoke inflation.
Saudi Arabia asked India to use the cheap oil in its strategic reserves to deal with the current price rally as the Arab nation and its allies ignored New Delhi s plea to increase supply. Crude rose to $68 a barrel on Friday. India had bought oil from Saudi Arabia and other producers to fill its strategic reserve for about $19 a barrel last year when the pandemic had hit demand.