Crude oil prices remain stable despite the OPEC+ decision to increase production, but petrol-diesel prices in India are unchanged.
New Delhi | On Monday, pressure was observed on crude oil prices in the global market. The main reason for this is the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to increase oil production from August.
Additionally, the prospect of improved oil exports from the Gulf region has also impacted prices. The market expects that crude oil supply will increase in the coming time, which may keep prices under pressure.
On Monday at 8:15 AM, Brent crude was trading at $72.20 per barrel.
Meanwhile, the US West Texas Intermediate (WTI) crude reached $68.94 per barrel. Trading for WTI was closed on Friday due to the Independence Day holiday in the US.
Despite fluctuations in crude oil prices, retail prices of petrol and diesel in India have not been changed. The prices were last revised on May 25.
The prices of petrol and diesel in various cities of the country are as follows:
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia (OPEC+), held a significant meeting on Sunday.
In this meeting, a target was set for an additional production of 188,000 barrels per day from August. A similar production increase was announced for June and July earlier.
This decision to increase production is expected to boost oil availability in the market, the effect of which is visible on prices.
According to a Reuters survey, OPEC's oil production in June increased by 3.3 million barrels per day compared to the previous month, reaching 19.43 million barrels per day.
Meanwhile, oil exports from the Gulf region also surpassed 10 million barrels per day in June, an increase of more than 3 million barrels compared to May. However, the full impact of the decision to increase production is yet to be seen on the ground.
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