Crude Oil Price has increased from the low of 28 November to 7 to 8 dollars per barrel. The reason for this is the increase in demand from China due to the relaxation of COVID restrictions and production cut by OPEC Plus.
Crude Oil Price : OPEC Plus, the organization of neighboring countries China and crude oil producing countries (OPEC+) Cheap petrol and diesel due to the decisions of (Petrol Diesel Price) The dream of can be shattered. The reason for this is that in the coming days the price of crude oil in the international market will increase. (International Crude Oil Price) An increase can be seen. Which has already started.
American WTI crude oil prices in the international market (WTI Crude Oil Price) Brent crude oil price beyond $81 (Brent Crude Oil) Has crossed $ 87 per barrel. In fact, OPEC Plus has said that the production cut will continue from November till 2023. On the other hand, China is relaxing the COVID restrictions from its cities. The effect of which is clearly visible in the prices of crude oil.
these are the two decisions
Oil prices edged higher in early trade after OPEC+ countries reaffirmed their oil production targets ahead of EU sanctions and price caps on Russian crude. In fact the Organization of the Petroleum Exporting Countries and Russia, called OPEC Plus, on Sunday agreed to stick to their October plan to cut output by 2 million barrels per day (bpd) from November until 2023. On the other hand, a lot of deal has been found in Chinese cities in the COVID restrictions on weekends, the effect of which is being seen positively in the price of crude oil.
How expensive crude oil became in foreign markets
Due to both these decisions, there is a rise in the price of crude oil in the international market. There is a 2 percent increase in the price of Brent crude oil, due to which the price has reached $ 87.25 per barrel. Earlier on November 28, the price of Brent crude oil had reached a very low level of $80.61, but since then it has seen an increase of about $7 per barrel.
On the other hand, there has also been a rise in the price of American crude oil WTI. At present, its price has exceeded $ 81 per barrel. According to the data, it is seeing more than 2 percent increase and the price has come down to $ 81.60 per barrel. Whereas on November 28, the price of WTI had come down to a very low level with $ 73.60 per barrel, which has now increased by about $ 8 per barrel.
Is the dream of cheap petrol and diesel breaking?
When the prices of crude oil were reduced, it seemed that the prices of petrol and diesel would be reduced in the country, but now this dream seems to be breaking. The reason is the production cut of OPEC Plus and the removal of Covid restrictions from Chinese cities. With the removal of COVID restrictions, demand from China will increase and increasing demand in the period of production cut will increase the prices. A few days ago Goldmapen had said that by March next year the price of crude oil could cross $125 per barrel. If experts are to be believed, the price of crude oil can cross $100 per barrel in the coming days.
Petrol and diesel prices have not changed since May
There has not been any increase in the prices of petrol and diesel in the country since May. On May 22, the central government had cut the tax, only after that the prices of petrol and diesel were reduced. The price of petrol in the country’s capital Delhi is Rs 96.72 per liter and diesel is Rs 89.62 per litre. Petrol in Mumbai is priced at Rs 106.31 and diesel at Rs 94.27 per litre. Petrol in Chennai is priced at Rs 102.63 and diesel at Rs 94.24 per litre. Petrol in Kolkata is priced at Rs 106.03 and diesel at Rs 92.76 only.
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