22 countries of the world have broken the hearts of 140 million people in India. Yes, these 22 countries are none other than OPEC Plus, an organization of 22 crude oil producing countries. Which includes Saudi Arabia, Iran, Iraq and Russia. In fact, in the face of falling crude oil prices, OPEC Plus has postponed its plan, which would have increased the supply of crude oil in the international market by 1.80 lakh barrels per day and led to a fall in prices. The effect would be seen in the form of relief in petrol and diesel prices in India.
According to experts, if oil production increases from October 1, the price of Brent oil may fluctuate between $65 and $68. On the other hand, experts said that if the price of crude oil reaches $70, then OPEC Plus may postpone its plan to increase production.
OPEC Plus has decided to maintain the status quo by postponing this plan for two months. Following this decision by the OPEC Plus countries, a one and a half percent increase in crude oil prices is observed. Let us also tell you what kind of decision the OPEC Plus countries have taken.
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Big decision by OPEC Plus
Following the fall in prices amid low demand and huge supply, OPEC has postponed the decision on oil production by two months. According to members of the organization, key OPEC Plus members will not go ahead with the planned increase of 180,000 barrels per day in October. This decision has come after weak economic data from the world’s largest consumers, China and the United States. In fact, at the beginning of the current week, crude oil prices had fallen below $73 per barrel, the lowest level since late 2023. Due to this, there has been a decline in the crude oil import bill across the world, especially in India.
OPEC’s planning went something like this
Led by Saudi Arabia and Russia, OPEC agreed in June on a roadmap to gradually restart halted supply from 2022. But the plan faltered as it was implemented, repeatedly stressing that growth could be “halted or reduced” if necessary. It looked as if a major disruption to production in Libya was giving the group a chance to move forward, but members are now acting cautiously.
Shutting off supply could prevent the crude glut that market watchers such as the International Energy Agency and trading firm Trafigura Group had expected in the fourth quarter. By contrast, Citigroup Inc. had warned that if supply increased, the price of crude oil could fall by as much as $50 a barrel.
Crude oil prices rise
However, there has been an increase in crude oil prices. During the trading session, the price of Brent crude oil rose by 2 percent and during the trading session it reached $74 per barrel. Currently, i.e. according to Indian time, at 9:45 am it is trading at $72.97 per barrel. However, from September 2 to 4, there was a fall of more than 7 percent in Brent crude oil prices.
On the other hand, there has been an increase in the price of US WTI crude oil. According to the data, the price of US crude oil saw a rise of 2.32 percent during the trading session and the price crossed $70 per barrel. By the way, the price of WTI is quoted at $69.50 per barrel according to Indian time. From September 1 to 4, there was a drop of about 6 percent in the price of US oil.
