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](https://www.psuconnect.in/sdsdsd/oil_imports.jpg)
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 : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshAccording 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 : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaAs 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 : WAPCOS CMD met Safarzoda Manuchehr Bakhodur Hon’ble Deputy Minister of Energy and Water ResourcesNews Must Read
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD
- NTPC Bongaigaon to Support TB Eradication Efforts; Partners with District Administration, Kokrajhar
- Solar Energy Corporation of India Ltd (SECI) attains Navratna Status
- Dr D K Sunil Takes Over as CMD (Additional Charge) of HAL
- DVC bags Champions Trophy for Corporate Sustainability at XLRI, Jamshedpur
- Minister Pralhad Joshi Visits IREDA Office, Reviews Company’s Strategic Growth Plan
- HAL Selects SAFHAL Helicopter Engines to Develop and Produce ‘Aravalli’ Engines