The main factor driving up prices is the conclusion that the OPEC Plus (Organization of the Petroleum Exporting Countries, Russia and its allies) meeting on November 30 may decide to cut crude oil production at current levels until 2024 or further restrict supply. The ministerial meeting is held online.
Meanwhile, reports that production at Kazakhstan’s largest oilfield has been cut in half by storms and floods have also become another major factor. Similarly, a lower exchange rate of the US dollar and reports of a possible cut in crude oil production in the US helped crude oil advance in yesterday’s trade.
With the meeting set to begin tomorrow, Reuters reported that there may not be further production cuts from OPEC Plus. Instead, it was reported that the most likely scenario is to maintain the market share of the member states at the current level. Further cuts are not being actively discussed. The report also pointed out that everyone is sticking to their position without compromise.
Vehicle fuel rates
Petrol and diesel prices in the country remained unchanged on Wednesday. Petrol price in Delhi remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62. Petrol price in Mumbai is Rs 106.31 and diesel price is Rs 94.27. Petrol costs Rs 106.03 per liter and diesel costs Rs 92.76 per liter in Kolkata. In Chennai, petrol remains at Rs 102.63 and diesel at Rs 94.24.
Similarly, no significant changes have been reported in the petrol and diesel prices in the state today. In Thiruvananthapuram city, the prices of petrol remain unchanged at Rs 109.73 per liter and diesel at Rs 98.53 per litre. In Kochi city, petrol price is Rs 107.78 and diesel price is Rs 96.70. In Kozhikode district, the price of a liter of petrol remains at Rs 108.28 and diesel at Rs 97.20.