OPEC+ surprises with Production Cut

The fifth-largest country in Asia, Saudi Arabia and other  Organization of the Petroleum Exporting Countries (OPEC+) oil producers reported the production cut on Sunday.

OPEC+ surprises with Production Cut

DUBAI: The fifth-largest country in Asia, Saudi Arabia and other  Organization of the Petroleum Exporting Countries (OPEC+) oil producers reported the production cut on Sunday. It is mentioned that the oil output cuts of around 1.16 million barrels per day. This production cut surprises, which would cause the immediate rise in prices.

Read Also : SCOPE Social Interaction Centre: A First-of-its-Kind Club for PSUs

According to the Reuters, the pledges raise overall amount of cutbacks by OPEC+, which includes Russia and other allies in addition to the Organization of the Petroleum Exporting Countries, to 3.66 million bpd, or 3.7% of global demand.

This Development comes day before the virtual meeting of an OPEC+ ministerial panel, that includes Saudi Arabia and Russia, according to the resources which haad been expected to stick on 2 million bpd of cuts until the end of 2023.

Read Also : NHAI Organises National Workshop on Eco-friendly Measures for Holistic NH Development

As the demand for the same is high, this will affect most of the countries on importing oil from OPEC+. This will be a big question that will India also suffer from this, or will India have the back from russia in Oil Importing. 

On the same hand Oil prices last month fell towards $70 a barrel, which showcase the lowest in 15 months.

Read Also : GIC appoints V. Balakrishnan as Chief Financial Officer