OPEC and other oil producing countries including Russia have decided to increase oil production by 50 percent after meeting on Thursday. In a statement issued after the meeting, it was said that OPEC + countries said that for the months of July and August, there will be an increase of 6.48 lakh barrels in daily oil production from 4.32 lakh barrels per day at present.
Since Corona, OPEC has been increasing production at a slower pace than demand to keep crude oil prices high. Now after this decision, it is believed that there may be relief in the price of crude oil in the coming time.
Expensive crude oil threatens growth: One of the major reasons behind inflation in the world is the cost of crude oil. Crude oil is becoming increasingly expensive due to low production and supply disruptions from Russia, the world’s largest oil producer due to the Russo-Ukraine war, due to which there was a slowdown in the global economy and slowing growth. In such a situation, oil buyer growth like India, Japan, America was being adversely affected.
America is under pressure to increase oil production: According to a New York Times report, America wants the European country to stop buying oil from Russia, so that Russia’s economic back can be broken. Its America is continuously pressurizing OPEC countries to increase oil production. At the same time, there is also news that US President Joe Biden can also visit Saudi Arabia soon.
Will the price of petrol-diesel decrease in India?: The increase in oil production from the OPEC countries will be implemented from July, which will affect the price of petrol-diesel, it is difficult to say now, but due to the increase in production, oil in the international market The price is likely to come down.
Crude oil price increased by 30 percent: Due to the Russia-Ukraine war, the world has seen a jump of up to 30 percent in crude oil prices. At present, the price of one barrel of crude oil in the international market remains around $120.