Crude Prices May Remain High For An Extended Period; OPEC Warning

On the one hand, the OPEC leadership warned that the price of crude oil in the international market could remain high for a longer period than expected due to rising demand. OPEC General Secretary Haitham Al Gheis responded to the BBC that there is an increase in daily demand of 24 lakh barrels. OPEC is a group of 23 oil exporting countries that contribute the lion’s share of crude oil supply to the global market.

What is the reason?

In the past few months, Saudi Arabia, the world’s largest producer of crude oil, has cut supply to the market. The supply cut was part of an effort to prop up prices when crude prices fell below $80 in the market. Saudi Arabia is implementing a reduction of 10 lakh barrels per day till December 2023. Apart from this, Russia also reduced production by three lakh barrels. With this, the shortage of availability in the market started directly.

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Crude oil trading

Crude oil futures contracts in the international markets ended trading with a loss of 2 percent in Monday’s trade. Crude fell to a three-week low. Brent crude, the most traded, closed 1.6 percent lower at $90.71, while WTI crude was down 2.2 percent at $88.82.

A drop in crude oil futures was also recorded on Tuesday morning when trade resumed in the Asian market. The price has fallen by about one percent. Currently (02:25 GMT) Brent crude is trading at $89.79 and WTI crude is trading at $87.90. In the last financial quarter, crude oil contracts have seen a rise of around 30 percent. Following this, investors tried to take profits and the US dollar continued to be strong, which hurt crude oil.

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Fuel cost

Petrol price in Delhi remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62. Petrol remains at Rs 106.31 and diesel at Rs 94.27 in Mumbai city limits. In Kolkata, the price of petrol is Rs 106.03 and diesel is Rs 92.76. Petrol price in Chennai remains unchanged at Rs 102.63 per liter and diesel at Rs 94.24.

Similarly, no change was recorded in fuel prices in the state on Tuesday. In Thiruvananthapuram district, the price of one liter of petrol remains unchanged at Rs 109.73 and that of diesel at Rs 98.53. In Kochi city limits, petrol is priced at Rs 107.78 and diesel at Rs 96.70. In Kozhikode district, the price of petrol remains unchanged at Rs 108.28 and diesel at Rs 97.20 per litre.

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