Eight important OPEC+ members—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—have decided to adopt a production adjustment of 206,000 bpd in May 2026 amidst growing geopolitical concerns in West Asia. During a virtual conference on Sunday, the participants evaluated the current and future state of the global oil market and reached the conclusion. The […]
Venezuela possesses the world’s largest proven oil reserves, estimated at 303.8 billion barrels, overshadowing other nations like Saudi Arabia and Canada. Despite this potential, oil production has plummeted to around 1 million barrels per day due to issues such as under-investment, political interference, and sanctions. The country’s production now stands at one-third of its output […]
Vienna, July 11 (IANS) Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, on Thursday said that Russia is one of the largest crude producers with over 9 million barrels per day. In a post on X, the minister said: “Imagine the chaos if this oil, amounting to about 10 per cent of the global […]
Vienna, July 10 (IANS) Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has emphasised India’s strong partnership with OPEC, discussing ways to ensure that oil markets remain balanced to ensure smooth global transition into green and alternative energies. Puri met OPEC Secretary General Haitham Al-Ghais at the 9th OPEC International Seminar here. “We discussed […]
