Russia, Saudi Arabia agree to extend oil output cuts for another 9 months
The Dollar Business Bureau Russia and Saudi Arabia agreed on Monday to extend oil output cuts for another nine months till March 2018, to address the global crude glut and the increase in oil prices. The timing of the announcement sends a clear signal to other OPEC member countries before their next meeting on May 25, to follow suit. The ministers of both the countries, Khalid al-Falih and Alexander Novak in a joint statement said, they pledged ‘to do whatever it takes to reduce the global inventories to their five-year average’, has surprised the stock markets, raising crude prices up more than 1.5% in the Asian trade markets. Addressing the media in Beijing, Falih and Novak said, "There has been a marked reduction ...
India cuts oil imports in January to achieve fiscal target
Sai Nikesh | The Dollar Business With March 31, 2015 deadline ending Tehran's isolation by world nations in return for curbs to its nuclear programme, arriving sooner, India is aiming at maintaining its oil shipments from Iran in the current fiscal year 2014-15, to remain in line with its shipments in the previous fiscal year 2013-14. To this effect, according to reports on Thursday, India has slashed its oil imports from Iran in January, 2015, as New Delhi hurried to make oil purchases from Iran. In this regard, India has also asked its refiners in January to cut oil purchases from Iran, saying the purchases are going above the sanctioned limits and also to maintain the purchases in line ...
