Oil Output

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers' club.

The US and Saudi Arabia are looking beyond last year's oil spat to focus on billions of dollars-worth of defense and aviation deals and potential nuclear cooperation.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday.

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.

Finance Minister Nirmala Sitharaman said India could buy Russian crude oil near or past the price cap imposed by the G-7 if the recent OPEC+ output cut increases energy costs.

Russia will slash its crude oil output by five percent next month, Deputy Prime Minister Alexander Novak announced Friday, in response to a price cap imposed by Western countries.

Crude oil output, however, contracted by 1.2 per cent in December last year.

India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic output to help cut down reliance on costly imports.

Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October.

Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude andoilproducts by halting sales to the countries which support them, the RIA news agency reported.

In October, crude oil, natural gas, refinery products, and cement output recorded negative growth rate.

A day after OPEC+ oil producers last week announced output cuts over US objections, Joe Biden had vowed to impose "consequences" on Saudi Arabia for siding with Russia in supporting the cuts.

The United States and Saudi Arabia traded bitter barbs Thursday over last week's OPEC+ oil output cut, with Washington accusing Riyadh of knowingly boosting Russian interests.

US President Joe Biden on Wednesday said his administration will take action against Saudi Arabia after the Riyadh-led OPEC+ alliance announced plans to cut oil production, a move that America said would support oil exporters such as Russia

Brent crude oil prices fell to below $80 a barrel on Monday for the first time since February, after an OPEC+ meeting in which members agreed that countries could starting phasing out voluntary output cuts starting in October.

Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers' club.

The US and Saudi Arabia are looking beyond last year's oil spat to focus on billions of dollars-worth of defense and aviation deals and potential nuclear cooperation.

The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+ which pumps around 40% of the world's crude, agreed on a new oil output deal on Sunday.

Riyadh on Sunday announced it would slash output further by one million barrels per day in a bid to prop up prices, despite fears of a recession.

Finance Minister Nirmala Sitharaman said India could buy Russian crude oil near or past the price cap imposed by the G-7 if the recent OPEC+ output cut increases energy costs.

Russia will slash its crude oil output by five percent next month, Deputy Prime Minister Alexander Novak announced Friday, in response to a price cap imposed by Western countries.

Crude oil output, however, contracted by 1.2 per cent in December last year.

India, the world's third biggest oil-consuming and importing nation, is looking to raise domestic output to help cut down reliance on costly imports.

Crude oil, natural gas and refinery products, however, recorded negative growth in November this year. The production growth of eight key sectors slowed down to 0.9 per cent in October.

Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on its crude andoilproducts by halting sales to the countries which support them, the RIA news agency reported.

In October, crude oil, natural gas, refinery products, and cement output recorded negative growth rate.

A day after OPEC+ oil producers last week announced output cuts over US objections, Joe Biden had vowed to impose "consequences" on Saudi Arabia for siding with Russia in supporting the cuts.

The United States and Saudi Arabia traded bitter barbs Thursday over last week's OPEC+ oil output cut, with Washington accusing Riyadh of knowingly boosting Russian interests.

US President Joe Biden on Wednesday said his administration will take action against Saudi Arabia after the Riyadh-led OPEC+ alliance announced plans to cut oil production, a move that America said would support oil exporters such as Russia