New Delhi: The Organization of the Oil Exporting Countries (OPEC+) is considering cutting its daily crude oil production by 2 million (20 lakh) barrels. This group is going to discuss this deduction soon. If this happens, then the prices of petrol and diesel can increase in many countries of the world including India. Experts believe that many countries are using less fuel than their capacity, so the impact of this decision will not be that wide.
However, this decision is of great importance to India. India imports 70 percent of its crude oil from OPEC countries. This is when India’s oil imports from OPEC come down. Another aspect of this cut is that OPEC countries have been forced to take these steps due to the decrease in the demand for oil.
Price of petrol and diesel in four metros of India
There was a rise in crude oil in the global markets. Brett crude had reached $ 91.88 a barrel on Tuesday. However, it did not have any significant effect on oil prices in the country. Petrol was being sold at Rs 96.72 and diesel at Rs 89.62 per liter in Delhi today. Apart from this, petrol was being sold at Rs 106.31 in Mumbai, Rs 106.03 in Kolkata, and Rs 102.63 in Chennai. Diesel was getting Rs 94.27 in Mumbai, Rs 92.76 in Kolkata, and Rs 94.24 per liter in Chennai.
Uproar in America
The experts on the matter say that the US is constantly talking to the Gulf countries and pleading to back away from this decision. President Joe Biden is trying to somehow keep fuel prices under control, with the US due for mid-term elections in November. According to Bob McNeely, founder of Rapid Energy, the Biden administration is worried about the prospect of a jump in oil prices. He said that if OPEC cuts production on a large scale, then it may face opposition from the US.
America in preparation for sanctions
According to Bloomberg news, US Rashtrapati Bhavan officials have asked the Energy Department to find out whether banning the export of petrol-diesel and other refined petroleum products will keep prices in the country under control. According to the news, this idea is also getting support from some people in the Biden administration.
