OPEC Plus countries have approved to increase the production of crude oil in those 5 countries, which were earlier banned for this. Iraq, Kuwait, Russia, Saudi Arabia, and the United Arab Emirates (UAE) will increase their production, it said in a statement on Sunday. A few days ago the UAE had demanded to increase production, after which a dispute arose in the Organization of the Petroleum Exporting Countries. After this, the meeting of group was postponed.
OPEC plus countries have decided to increase the oil supply from August. Due to this, the price of crude oil may come down in the coming days. Right now the price of crude oil remains close to $ 75 per barrel, due to which the price of petrol and diesel has crossed Rs 100 per liter. The demand for petroleum products is increasing due to the opening of the lockdown in the country. At the same time, due to being limited, the price of crude oil has reached the highest level of two and a half years in the international market this month. On July 6, it had reached $78.
1 million barrels were cut
In the midst of the Corona crisis, OPEC Plus countries decided to cut production by 10 million barrels on a daily basis last year. Gradually it picked up but on a daily basis, it is still cut by 5.8 million barrels. In today’s meeting, it was decided that together OPEC+ countries will increase production by 4 lakh barrels on a daily basis every month. It will start in the month of August.
In September, production will increase by 8 lakh barrels per day compared to now. According to this calculation, production will be 1.2 million barrels per day in October, 1.6 million barrels per day in November, and 2 million barrels daily in December. Today it has been decided to increase production only after the agreement between UAE and Saudi Arabia.
Crude oil came in at $ 43 to 73 in the last 1 year
On July 19, 2020, the price of baby oil was close to $ 43 per barrel but due to decreasing production and increasing demand, its prices continued to rise. Talking about today, it is currently running around $ 73.
We import 85% of our requirement
We procure more than 85% of our crude oil requirement from outside. And We have to pay for it in dollars. In such a situation, due to the rise in the price of crude oil and the strengthening of the dollar, petrol and diesel start becoming expensive. Crude oil comes in barrels. One barrel means 159 liters of baby oil.
Petrol in 21 states and diesel crosses 100 in 4 states
Petrol has reached Rs 100 per liter in 21 states of the country. Fuel has reached Rs 100 in all districts of Madhya Pradesh, Andhra Pradesh, Bihar, Maharashtra, Karnataka, Manipur, Telangana, Punjab, Sikkim, Orissa, Kerala, Delhi, Tamil Nadu, and Rajasthan. At the same time, petrol has crossed Rs 100 a liter in many places in Jammu and Kashmir, Chandigarh, West Bengal, Pondicherry, Tripura, Nagaland, and Ladakh. On the other hand, when it comes to diesel, it has gone above Rs 100 in Orissa, Andhra Pradesh, Rajasthan, and Madhya Pradesh.
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