OPEC and Russia Agree to Cut Oil Production by 2 Million Barrels a Day affected petrol diesel prices – Business News India


The Organization of Oil Exporting Countries (OPEC) and its allies (OPEC Plus) decided to cut crude oil production in order to boost prices. This step will make the global economy more difficult.
After the start of the Kovid-19 epidemic, it was decided to cut production by 20 lakh barrels per day from November in the first face-to-face meeting of the energy ministers at the headquarters of the OPEC alliance in Vienna.

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Before that, OPEC Plus cut production last month. However, during the epidemic, there was a large cut in production, but the exporting country was spared from a large cut in production from the last few months. OPEC Plus said in a statement that this decision was taken in view of the uncertainty in the global economic and crude oil market scenario.

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However, the reduction in oil prices and the price of petrol made from it will not have a special effect because the members of OPEC Plus have not been able to fulfill the ‘quota’ set by the group.



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