Good News! The price of petrol and diesel may be reduced, the world’s eyes on a decision by OPEC+

Crude Oil Prices: OPEC+ is going to increase the supply of oil from the month of August. Its 8 members have agreed to increase the supply of crude oil by 548,000 barrels per day. Earlier, OPEC had announced an increase of 411,000 barrels in the supply of crude oil in May, June and July. The purpose of this decision of OPEC+ is to fulfill the increasing demand as well as reduce the prices of crude oil.

The impact of this decision of OPEC+ will be seen in markets around the world. Oil prices in India can also be reduced. India imports a large part of its oil needs and OPEC is a major supplier. Recently, countries involved in OPEC+ decided to increase their production before August.

India will benefit greatly

Experts say that sudden increase in oil production may reduce prices further. This can also provide relief in the prices of petrol, diesel and other petroleum products in India. Now it is obvious that if the prices of oil are low, then the general public of the country will get the benefit. This will affect the prices of transport and everyday things. This can also strengthen the country’s economy, because the import bill will decrease.

What is OPEC and OPEC+?

OPEC (Organization of the Petroleum Exporting Country) is an organization of 14 countries exporting petroleum, including Saudi Arabia, Iran, Iraq, Kuwait, Venezuela, Libya, Indonesia, Qatar, Algeria, Nigeria, UAE, Equatorial Gaana, Congo, Angola, Ecquore and Gabon. It was established in 1960. At the same time, OPEC+ includes non-OPEC countries like Azerbaijan, Kazakhstan, Malaysia, Russia, Mexico, Oman and Sudan. It was formed in 2016.

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