The Organization of Oil Exporting Countries (OPEC) and partner countries have agreed to increase oil production gradually. They will increase oil production by 2 million barrels per day during May to July.
Crude oil production will increase from next month
The common man is expected to get relief from the inflation of petrol and diesel (Petrol-Diesel Price). The Organization of Oil Exporting Countries (OPEC) and partner countries have agreed to increase oil production gradually. They will increase oil production by 2 million barrels per day during May to July. COVID-19 is taking steps with a revival in the global economy from the pandemic. If the production of crude oil (Crude Oil) prices softens, then the prices of petrol and diesel will start falling further in the country.
Oil production will increase by 20 lakh barrels per day from next month
Let us tell you that with the intention of stopping the price drop due to the decrease in demand during the epidemic, OPEC and the allied countries decided to reduce production last year. Now the group has decided to increase the production of 2 million barrels of oil per day during May to July.
When and how much production will increase
The group will increase the production of 3.5 lakh barrels per day in May, 3.5 lakh barrels per day in June and 4 lakh barrels in July. Meanwhile, Saudi Arabia said that it would restore additional production by itself to 1 million barrels per day.
Explain that last month, Petroleum Minister Dharmendra Pradhan had appealed to OPEC countries to increase the production of crude price so that the price of oil can stabilize. But the oil exporting countries had ignored the petroleum minister’s appeal. Then Saudi Arabia said that last year when the price of crude oil went down significantly, India can use the crude oil purchased at that time.
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