Oil price Rise: All eyes on Thursday’s OPEC+ meeting  

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Biznextindia : All eyes are on the OPEC+ meeting scheduled on 4th March, where the member countries are expected to discuss on raising Crude oil production from April. Several analysts have estimated that OPEC+ countries led by Saudi Arabia and Russia may agree to increase crude oil production to meet the rising demand.

According to ‘oilprice.com’ OPEC+ may end up the March 4 meeting with additional 1.5 million barrels/day added to the current Crude oil production.

OPEC member countries are currently suppressing over 7 million barrels per day-about 7 per cent of global supply which is said to be the prime reason behind the recent price rise of the fuel.

Saudi Arabia, the world’s largest oil exporter, had announced in January that for February and March, it would voluntarily cut additional 1 million barrels/day from its quota. However, Saudi Arabia had not committed anything beyond March. So it is expected that the country may take a decision to add the 1 million barrels/day from April.

If the meeting ends with a breakthrough on production hike, it’ll be a huge relief for consumer countries like India who are struggling with high price of Petrol, Diesel and LPG.

Last Sunday, India’s Petroleum minister Dharmendra Pradhan had expressed hope that the oil prices would ease from April. He said, that as a biggest oil consumer india has asked oil producing countries like Russia, Qatar and Kuwait to increase output. When the production will increase the price per barrel will also ease.

Petrol, Diesel prices have remained unchanged on Tuesday in the Indian market. While Petrol is being sold at Rs.91.17 per litre, Diesel is being sold at Rs. 81.47 per litre in Delhi. However, state owned oil marketing companies have raised Jet Fuel (ATF) prices by 6.5 per cent to Rs.3663 per kilolitre.

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