Petrol-Diesel Price: Organization of Oil Exporting Countries (OPEC) and allied producing countries will increase oil production by 21 lakh barrels per day.
The Organization of the Oil Exporting Countries (OPEC) and allied producing countries will increase oil production to 2.1 million barrels per day. This decision has been taken in view of the economic recovery in some countries. This decision has been taken in the ‘online’ meeting of the Energy Ministers of OPEC and Allied Oil Producing Countries (OPEC Plus).
In fact, members of OPEC and allied producing countries are grappling with conflicting pressures in global oil markets. On the one hand, in some countries like India, the demand is expected to decrease due to increasing cases of COVID-19 infection, while in some countries there is an economic recovery, which is expected to increase the demand. After considering all aspects, the organization decided to increase oil production.
Petrol price beyond Rs 100 in many cities
Due to the rise in the price of crude oil, the price of petrol has now crossed Rs 100 per liter in many cities. In the month of May, there was an increase in the price of petrol and diesel for 16 days. Due to the increase in the prices of crude oil in the international market, domestic oil companies are increasing the prices of petrol and diesel. On the other hand, due to the tax being collected by the Central Government and the State Government on fuel, the burden on the common man is also increasing.
Production cut due to lack of demand due to epidemic
OPEC, led by Saudi Arabia, and other allies are concerned that the spread of the COVID-19 pandemic in countries like India will affect global demand and prices. India is a major oil consumer market.
Oil producing countries had cut production significantly in 2020 with the intention of supporting prices in view of the softening caused by the epidemic and now they have to decide how important it is for the market to increase oil production.
Economic recovery in the US, Europe and Asia is expected to boost energy demand in the second half. On Tuesday, the price of global standard Brent crude rose 2.2 percent to $ 70.85 per barrel.
when will production increase
The group plans to increase production by 350,000 barrels per day in June and 440,000 barrels per day in July. At the same time, Saudi Arabia is gradually increasing production out of a voluntary reduction of 10 barrels.
read this also- SEBI’s big action on the country’s second largest IT company, ban imposed on 2 employees, know the whole matter
read this also- Kotak Mahindra Bank gave a gift to the customers, now you can update your address through Digilocker with just one click