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Topic: Oil Prices

Oil rises above $30 a barrel for the first time in two months after producers cut activity

The producer alliance is responding to the demand destruction wrought by the virus, and the cutbacks are on their way to their goal of removing around 10% of global supplies.

Not just US, its adversaries China and Russia are struggling under Covid-19 too

Russia’s public health system won't be able to handle the number of Covid-19 cases the country is likely to suffer. China has reported its first economic contraction in 28 years.
Latest news on Indian economy

Sensex plunges over 1,000 points, NSE Nifty nears 9,000 level

Sensex tracked heavy losses in banking, energy and IT stocks amid volatility in global market as international crude oil prices went into a tailspin overnight.

The historic oil price truce among OPEC+ countries won’t last

Don’t be surprised if the war over market share between Saudis, Russians and Americans resumes once the lockdowns ease and people want oil again.
Oil refineries (representational image) | Commons

The era of gulf’s oil empire is coming to an end

With oil prices in the range of $50 to $55 a barrel, Saudi Arabia’s international reserves would fall to about five months of import coverage as soon as 2024.

Oil slumps to lowest since 2003 on global recession threat

Futures in New York fell as much as 2.8% in the Asian morning, touching as low as $26.20 a barrel, which would be the lowest close since May 2003.
Representational image | Simon Dawson

By using oil as a weapon, Saudi Arabia has hurt global investments in the sector

This is the second time in six years that Saudi Arabia has embarked on a pump-at-will oil production policy that has hammered prices.
A storage tank containing liquid gas stands at the Natural Gas Liquids (NGL) facility in Saudi Aramco's Shaybah oilfield in the Rub' Al-Khali desert. | Photographer: Simon Dawson | Bloomberg

Global oil use is heading for biggest fall in history due to coronavirus restrictions

Travel bans, work-from-home, cancelled vacations and disrupted supply chains all mean reduced demand for fuel.

Modi govt raises excise duty on petrol & diesel by Rs 3, unlikely to affect final price

The petrol & diesel prices are likely to remain unaffected since the hike comes in the backdrop of a steep fall in international crude oil prices.
Government hospital officials wear masks as precautionary measures for COVID-19 coronavirus at Government Hospital Gandhi Nagar in Jammu on Thursday. | ANI

COVID-19: Kaushik Basu wants global ‘task force’ & Bahar Dutt sees a silver lining

Today’s political, economic & strategic punditry from Kaushik Basu, Sajjid Z. Chinoy, Somasekhar Sundaresan and Arvind Panagariya.

On Camera

Retiring early can be bad for the brain

Retiring early and working less has many benefits, such as reduced stress, better diets and more sleep. But as we found, it also has adverse effects.
File photo | RIL chairman Mukesh Ambani | Sanjit Das/Bloomberg

Reliance Retail gets $1 billion from Silver Lake for 1.75% stake

Reliance announced on 9 Sept that the California-based private equity firm with stakes in technology-related companies will pay the amount as part of the deal.


Representational image | Indian soldiers at the Line of Control in Jammu and Kashmir | PTI

No ‘major’ build-up at LoC but Pakistan pushing new Chinese-made assault rifles into Kashmir

Security forces have recovered EMEI Type 97 NSR rifles, manufactured by Chinese firm Norinco, which they believe were dropped into J&K through drones.
Illustration by Soham Sen | ThePrint

If Modi is a true reformer, he’ll bury Vodafone ghost and campaign on reforms in Bihar

No politician sees economic reform as a vote-catcher; it’s the old, povertarian economy that gets votes. Can Modi bring farm and labour reforms centre-stage?