Page 4 - Opec Cuts News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Oil prices are set to rise toward $90 per barrel by the end of this year, driven by Chinese demand and a tightening market following OPEC+’s latest production cuts

Oil marketing companies' (OMCs') under-recoveries on diesel have reduced to just Re 1 per litre from the peak of Rs 40 per litre. Although OMCs have become profitable on the sale of petrol and liquefied petroleum gas with Rs 11 profit per litre of petrol, retail fuel prices are unlikely to be reduced for consumers. OMCs are still trying to recover from previous under-recovery losses with accumulative losses of Rs 27,000 crore in H1 FY23. No decision on fuel price revision is expected until OMCs have announced their Q4 FY23 earnings results., Industry News, Times Now

From tighter oil supply to inflation to OPEC control over the markets, there are a number of trends this year that seem to strongly influence oil and gas markets

The price of crude oil returned on Tuesday to the recent highs seen after OPEC+ announced it would cut production by another 1.6 million barrels per day.

The latest oil production cuts announced by the OPEC+ countries underscore that President Joe Biden's reliance on foreign oil puts US security at risk, Texas Railroad Commission (RRC) Chairwoman Christi Craddick told Sputnik.