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Explained: Why Venezuela has turned to India to sell its crude

Since sanctions were announced, Venezuela's state-run oil company PDVSA has loaded and exported 1.15 million bpd of crude and refined products, according to Refinitiv Eikon data quoted by Reuters.

Oil prices rise on OPEC output cuts, as US sanctions bite

Analysts said markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of U.S. sanctions on Venezuela and Iran.

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Oil dips on manufacturing downturn, but OPEC cuts offer support

Despite the global market turmoil, traders said oil prices are expected to receive some support as supply cuts announced late last year by the Organization of the Petroleum Exporting Countries start to kick in.

Brent oil prices rise after OPEC-led group announces 1.2 million bpd supply cut

Despite the announced cuts, Brent crude prices are almost 29 percent below their most recent highs in early October.

Oil edges higher after Russia indicates larger output cut

A Russian Energy Ministry source said Moscow was ready to contribute a cut of around 200,000 bpd, which is more than the 150,000 bpd sources previously said it would contribute.

Oil slides as OPEC ties supply cut to Russia; Moscow said to only back limited move

The declines came after crude slumped by almost 3% the previous day, with the OPEC ending a meeting Thursday without announcing a decision to cut crude supply.

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Oil firms on drop in US crude stocks, market awaits OPEC/Russia supply decision

Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

UAE says Gulf Arab bloc still strong despite Qatar row

Last week, Qatar abruptly announced it was quitting OPEC after 57 years to focus on gas in an apparent swipe at the oil-exporter bloc's de facto leader Saudi Arabia.

Oil prices ease in cautious trading ahead of OPEC meeting

Since early October, crude oil has lost around 30 per cent of its value amid surging supply and fears that an economic downturn will erode fuel demand.

Why Qatar has left OPEC, and how the decision will impact oil prices, India

OPEC has a very big influence on global oil prices, which play a crucial role in determining the economic health of many countries, including India.

OPEC Videos

Fuel prices at an all-time high: News in Numbers

How the government is explaining the rise in petrol and diesel prices. Take a look in today’s News in Numbers.

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