OPEC Plus May Reduce Crude Oil Production By 3 Percent

OPEC Plus may reduce crude oil production by 3 percent, crude oil prices will increase.

OPEC Plus, a group of crude oil producing countries, may cut crude oil production by 3 percent, or more than 1 million barrels per day (1 million barrels).

This news has come at a time when the OPEC+ meeting is going to be held in Vienna on Wednesday.

A representative from the OPEC+ group told news agency Reuters that the higher-than-expected cuts indicate that the global economy is slowing rapidly due to the tightening of monetary policies.

The strengthening of the dollar also affected the price of crude oil. However, the decision on cutting oil production will be taken only after the meeting of ministers.

Crude oil price.

Due to the fear of recession in the world’s major economies, the price of crude oil in the international market has seen a big reduction in the last few months.

At the beginning of the Russo-Ukraine war, the price of crude oil had crossed $ 125 per barrel, but now it has come down to around $ 87.

Let us tell you, by cutting crude oil production, countries like Saudi Arabia, Russia, and UAE want to keep the price of oil around $100.

Meeting in Vienna.

The meeting of the Group of 23 Oil Exporting Countries is proposed on Wednesday at OPEC’s headquarters in Vienna.

According to a statement issued by the OPEC Secretariat, this is a monthly meeting held online. OPEC has decided to hold an online-only meeting by the end of 2022.

Second consecutive cut.

If OPEC+ decides to cut crude oil production this month as well, it will be the second consecutive month to cut crude oil production.

Last month, crude oil production was reduced by about one lakh barrels per day.

Oil companies updated the new rates of petrol and diesel, know the price of your city

Government oil companies have updated the new rates of petrol and diesel. According to this, while the price of oil has increased in some cities,

it has also decreased in some cities. In the international market, crude oil is trading at $ 87.66 with a gain of 2.45 percent on Monday. However, it is a matter of relief that it remains below $90.