Crude Oil Production Cut: There is a rise in the prices of crude oil. In fact, OPEC Plus (OPEC +), the body of crude oil producing countries, has decided to cut crude oil production in the month of October, due to which there is a jump in the prices of crude oil in the international market. Crude oil is trading at $ 96.42 per barrel with a jump of 3.66 percent.
Actually today there was a meeting of OPEC+ countries in which it was decided that from October 1 lakh barrels per day crude oil production will be cut. Russia was opposed to this decision. OPEC Plus said that it can call the meeting again if needed.
However, this decision has been taken by OPEC Plus to stabilize crude oil prices and prevent them from falling further. However, the reduction in crude oil production by OPEC Plus is bad news for India. Because an increase in the prices of crude oil can be seen that due to which there is a possibility of increasing inflation in the country. India is the third largest importer of crude oil in the world and is dependent on imports for 80 percent of its consumption. If crude oil becomes expensive, then the pressure on government companies will increase. Their loss will increase.
The increase in crude oil prices will put pressure on the government oil companies to increase the price of petrol and diesel. Earlier, when the price of crude oil increased due to the war between Russia and Ukraine, the state oil companies had decided to increase the price of petrol and diesel.
read this also
High Milk Prices: Effect of Expensive Milk! One in three families are now reducing milk consumption
Ashneer Grover Update: Know why now Ashneer Grover vents his anger on RBI?