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The refinery maintenance season globally, mostly starting this month, is likely to weigh on demand.Oil prices rose around 1.5 per cent on Monday after OPEC+ announced a more modest monthly increase in production than expected, tempering some concerns about supply additions, though analysts expect near-term gains to be capped by a soft demand outlook. Brent crude futures rose 91 cents, or 1.4 per cent, to $65.44 a barrel by 0315 GMT, while US West Texas Intermediate crude was at $61.77, up 89 cents, or 1.5 per cent.”The price jump has primarily been boosted by OPEC+’s decision for a lower-than-expected production…

On Friday, the rupee depreciated eight paise to close at 88.79 against the US dollar.Rupee rose five paise to 88.74 against the US dollar in early trade on Monday, tracking a positive trend in domestic equities and likely IPO-related inflows.Forex traders said the rupee is trading in a tight range as it remains under pressure due to continued capital outflows and geopolitical developments. At the interbank foreign exchange market, the rupee opened at 88.75 against the US dollar, then inched up to 88.74, registering a gain of five paise from its previous close.On Friday, the rupee depreciated eight paise to…

The realisation that there is little oil to spare in a tumultuous world is helping to prop up prices, analysts say. And the Saudis are “in the driver’s seat right now,” El-Halabi said.Eight members of the OPEC+ oil producers group said Sunday that they would raise their output of crude by a modest 137,000 barrels day in November.The group’s move, which was led by Saudi Arabia, is the latest in a series of increases beginning earlier this year. The countries announced the same size increase for October. An addition of 137,000 barrels a day is tiny in the context of…

On Sunday, OPEC+ agreed to raise oil output by 137,000 barrels per day (bpd) from November. The increase is equal to the one adopted in October, with markets seeing it as a cautious step amid persistent fears of an oversupplied market.This relatively modest increase came after the group hit back at rumors of a potential 500,000 bpd increase. So far this year, the OPEC+ alliance has increased its output targets by more than 2.7 million bpd, representing approximately 2.5 % of global demand. The group clearly remains intent on reclaiming market share from non-OPEC producers while not pushing prices too…

The supply side is expanding while demand is weakening, setting up what she called “a one-two punch for crude prices” for the rest of 2025.New Delhi: Global oil markets have entered a bearish phase, with Brent crude slipping to $65 a barrel on October 5 — a sharp correction from last week’s $70 high. The fall followed OPEC’s decision to raise output, which analysts say has shifted global oil balances from tightness to surplus.Rystad Energy, in its latest oil market update, said that prices are likely to remain under pressure through 2026 unless OPEC+ alters its strategy or sanctions on…

NEW DELHI (AP) — Rescuers were scouring India’s northeastern tea-growing hill district of Darjeeling on Monday for missing people a day after landslides triggered by heavy downpours killed at least 24, officials said.Teams of Indian army and disaster force rescuers were searching for the missing who are feared trapped under mounds of debris, said Udayan Guha, West Bengal state development minister.Downpours and road damage hampered efforts to reach several affected villages, officials said. Television news showed rescue workers using earth movers to clear the debris.Landslides triggered by intense rains destroyed homes and infrastructure and left hundreds of tourists stranded in…

BEIJING (AP) — Rescue workers were helping hundreds of hikers trapped by heavy snow at tourist campsites on a slope of Mount Everest in Tibet, Chinese state media said late Sunday.About 350 hikers had reached a meeting point in Tingri country and rescuers were in contact with another 200, state broadcaster CCTV said. There was no immediate update on rescue efforts on Monday.The hikers were trapped at an elevation of more than 4,900 meters (16,000 feet), according to an earlier report from Jimu News, a Chinese online site. Mount Everest is about 8,850 meters (29,000 feet) tall.A hiker who rushed…

U.S. policy shifts and African regulatory reforms are converging to create new momentum for upstream oil and gas investment, speakers said during African Energy Week 2025. The alignment of U.S. export financing and pro-investment frameworks across African nations is being described as a pivotal opportunity to strengthen bilateral energy ties. Mark Menezes, President and CEO of the U.S. Energy Association, said the current administration’s removal of restrictions on the Export-Import Bank and other financing agencies has “unleashed opportunities” for U.S. companies to invest across the African energy landscape. “Africa is resource-rich, and we see long-term partnerships not just for oil…

U.S. policy shifts and African regulatory reforms are converging to create new momentum for upstream oil and gas investment, speakers said during African Energy Week 2025. The alignment of U.S. export financing and pro-investment frameworks across African nations is being described as a pivotal opportunity to strengthen bilateral energy ties. Mark Menezes, President and CEO of the U.S. Energy Association, said the current administration’s removal of restrictions on the Export-Import Bank and other financing agencies has “unleashed opportunities” for U.S. companies to invest across the African energy landscape. “Africa is resource-rich, and we see long-term partnerships not just for oil…

Transocean Ltd. has announced that two of its ultra-deepwater drillships have received exercised contract options totaling $243 million in additional firm backlog. In the U.S. Gulf of America/Gulf of Mexico, bp exercised a 365-day option for the Deepwater Atlas, extending operations in direct continuation of its current contract. The program is expected to contribute approximately $232 million in backlog. In Brazil, Petrobras exercised a 30-day option for the Deepwater Mykonos, also in direct continuation of its ongoing work, adding about $11 million in backlog. Transocean said the fixtures reflect continued strong demand for high-specification rigs in ultra-deepwater basins. The company…