Crude Oil Production Can Be Reduced; Iraq In Support Of OPEC Plus; 2% Increase In Price

Iraq has come forward with a promise to lower crude oil production. Iraq’s position has been clarified ahead of the crucial meeting of OPEC Plus, the world’s major oil producing countries, to be held in the next two weeks. In the commodity derivative market, one can add to this the huge short positions held in crude oil futures contracts.

Increase in oil price

After Saudi Arabia and Russia announced that they will continue to reduce production until the month of December, the price of crude oil increased by two percent after Iraq indicated that it is coming to a similar position. Brent crude futures rose $1.42, or 1.8 percent, to settle at $81.43, while U.S. WTI crude futures rose $1.43, or 1.9 percent, to settle at $77.17 on Friday.

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With this, crude oil futures contract trade has ended with a loss of four percent during the week. Crude oil is facing a correction for the third week in a row. This is the biggest consecutive correction in crude oil futures after a pullback that lasted through the last weeks of April and into early May 2023.

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Petrol and diesel rates

No significant change was reported in auto fuel prices in the country on Saturday. Petrol price in Delhi remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62. Petrol price in Mumbai city is Rs 106.31 and diesel price is Rs 94.27. A liter of petrol in Kolkata costs Rs 106.03 and diesel remains at Rs 92.76. Petrol price in Chennai city is Rs 102.63 and diesel price is Rs 94.24.

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Similarly, there is no change in petrol and diesel prices in Kerala today. In Thiruvananthapuram, the price of one liter of petrol remains unchanged at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi city remains at Rs 107.78 and diesel price remains at Rs 96.70. In Kozhikode city limits, the price of a liter of petrol remains unchanged at Rs 108.28 and diesel at Rs 97.20.