There was an important meeting of OPEC + countries on Sunday. In this meeting, the member countries have decided to increase production from the month of August. Crude oil in the international market is currently at the highest level of two and a half years.
Oil supply will be increased from August.
Petrol Diesel price: In the coming few days, there may be relief in the price of petrol and diesel. Actually, OPEC plus countries together have decided to increase oil supply from the month of August. According to a Reuters report, the ministers of OPEC+ countries together decided on Sunday that the supply of oil would be increased from August.
In fact, after the Corona Crisis, the global economy is recovering rapidly, due to which oil demand has also increased. Due to production being limited, the price of crude oil has reached the highest level of two and a half years in the international market at this time. The closing price of crude oil this week was $ 73.14 per barrel. In the month of July, the level was reached up to $ 78. After three months of continuous rise on a monthly basis, crude oil is seeing a decline of close to 2 percent this month.
10 million barrels were cut
Apart from OPEC countries, there were also important other oil producing countries like Russia in today’s battle. In the midst of the Corona crisis, OPEC Plus countries decided to cut production by 10 million barrels on a daily basis last year. It gradually picked up but on a daily basis it is still cut by 5.8 million barrels.
4 lakh barrels daily increase every month
In today’s meeting, it was decided that OPEC + countries together will increase production by 4 lakh barrels on a daily basis every month. It is starting from the month of August itself. In September, production will increase by 8 lakh barrels per day compared to the present. 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 in December on a daily basis. Today it has been decided to increase production only after the agreement between UAE and Saudi Arabia. Opportunity to increase production has been given to all countries.
Petrol became costlier 9 times in July
So far in July, the price of petrol has been increased 9 times. Whereas, diesel has become 5 times more expensive and once cheaper. Prior to this, in the months of June and May also, the price of petrol and diesel was increased 16-16 times. The most expensive petrol and diesel across the country is being found in Ganganagar in Rajasthan and Anuppur in Madhya Pradesh. Today in Ganganagar, the price of petrol is Rs 113.21 and diesel at the rate of Rs 103.15. At the same time, in Anuppur today the price of petrol is Rs 112.78 and diesel is at Rs 101.15 per liter.
Petrol crosses 100 in 17 states
In 17 states of the country, the price of petrol has gone up to Rs 100 per liter or above. These states are Rajasthan, Madhya Pradesh, Maharashtra, Karnataka, Andhra Pradesh, Telangana, Ladakh, Jammu and Kashmir, Odisha, Tamil Nadu, Bihar, Kerala, Punjab, Sikkim, Puducherry, Delhi and West Bengal. Bhopal was the first capital of any state, where the price of petrol had crossed Rs 100.
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