Crude oil ship
OPEC+ will increase oil production rapidly in August than already fixed, 8 key members have agreed to increase 548,000 barrel production per day. This exceeds the 411,000 barrels of May, June and July, which was already three times more than the initial plan. This decision will affect the markets all over the world. This can affect oil prices in India. This decision is expected to reduce the prices of crude oil, which is a matter of relief for the oil importing country like India.
Recently, OPEC Plus, which includes a group of oil producing countries, has started increasing the oil production before August. According to an Economic Times report, the decision has been taken before the increase in the pre -employed August. This step will increase the supply of oil in the global market, which will reduce the pressure on prices. India, which imports a large part of its oil needs, will benefit greatly from this decision.
The reason for this move of OPEC Plus is to balance global demand and supply. However, some experts believe that a sudden increase in production may further reduce oil prices. This can provide relief in the prices of petrol, diesel and other petroleum products in India. The general public will benefit from lower oil prices in India, because it also affects the cost of transportation and everyday goods.
According to the report, OPEC Plus had earlier cut production to keep the prices stable. But now it has been decided to increase production due to improvement in demand and market status. This is a golden opportunity for countries like India, which depend on crude oil for their energy needs. The reduction in oil prices can also strengthen India's economy, as the import bill will decrease.
