Compromise in OPEC
Reuters reported that the compromise formula currently emerging is to allow African countries such as Nigeria and Angola to produce more of the total production target for next year. OPEC Plus is an alliance of oil producing countries led by Saudi Arabia, along with Russia and its allies. Meanwhile, the postponed meeting of OPEC Plus may be held on November 30.
Crude oil market
Losses in crude oil were capped following reports of a resolution to the OPEC Plus rift. Brent crude futures closed 1 percent lower at $80.58 and U.S. WTI crude futures closed down 2 percent at $75.54 in late trading on Friday. As the intensity of yesterday’s loss was reduced, crude oil gained during the week. This is the first time in the last five weeks that crude oil has posted a weekly gain.
Petrol and diesel rates
No significant change was reported in the country’s petrol and diesel prices on Saturday. Petrol price in Delhi remains unchanged at Rs 96.72 per liter and diesel at Rs 89.62. Petrol price in Mumbai remains at Rs 106.31 and diesel at Rs 94.27. A liter of petrol in Kolkata costs Rs 106.03 and diesel at Rs 92.76. Petrol price in Chennai city remains Rs 102.63 and diesel price remains Rs 94.24.
Similarly, no change has been recorded in vehicle fuel prices in the state today. Petrol price in Thiruvananthapuram remains unchanged at Rs 109.73 and diesel at Rs 98.53. Petrol price in Kochi city limits remains Rs 107.78 and diesel price remains Rs 96.70. In Kozhikode district, the price of one liter of petrol remains unchanged at Rs 108.28 and diesel at Rs 97.20.