OPEC Seeks ‘Sufficient Cut’ in Crude Oil Production; Petrol, Diesel Prices in India Likely to Increase Next Week

OPEC seeks 'sufficient cut' in production among organization members to balance the oil market, says Saudi Arabia.

New Delhi: The petrol and diesel prices across the country may witness an upward trend in the coming week, as the Organisation of the Petroleum Exporting Countries (OPEC) has sought to cut down the crude oil production. The ‘sufficient cut’ in production was sought by OPEC among the organisation members to prop up the plunging crude prices.

Ahead of the OPEC meeting in Vienna scheduled on Thursday, Saudi Arabia’s oil minister Khalid al Falih reportedly said, “We’re looking for a sufficient cut to balance the market, equally distributed between countries.”

AFP news agency: OPEC seeking ‘sufficient cut’ in production among organization members to balance the oil market says Saudi Arabia.

— ANI (@ANI) December 6, 2018

Meanwhile, the price of petrol per litre as on December 6 stood at Rs 71.32 in Delhi, Rs 76.90 in Mumbai, Rs 73.99 in Chennai and Rs 73.36 in Kolkata. The price of diesel, on the other hand, costs Rs 65.96 per litre in Delhi, Rs 69.02 in Mumbai, Rs 69.63 in Chennai and Rs 67.79 in Kolkata on Thursday. (Check the Live Petrol And Diesel Price Here)

The oil rates have already been reduced by around 30 per cent since October. Moreover, the rate of benchmark Brent crude oil futures hovered around $61.49 per barrel on Thursday. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country’s requirement is met through imports.

(With Agency inputs)