New Delhi. OPEC countries have decided to reduce production amidst increasingly expensive petrol diesel in India. Due to which the price of crude oil has increased by $ 5 in the last two days. In India, petrol has come close to 100 rupees. At the same time, this step of your countries is likely to create a price war in India once again. However, other countries like India had demanded from OPEC countries not to reduce production. But it was ignored.
Meanwhile, Saudi Arabia has given a formula to reduce the prices of crude oil. Saudi Arabia has told India that it can use crude oil it bought last year to control crude oil prices.
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Organization of Petroleum Exporting Countries (OPEC) and its affiliates, known as OPEC +. The group agreed not to increase supplies in April. The most widely used benchmark since then, Brent crude, rose nearly 1 percent to $ 67.44 a barrel on Friday.
India’s oil minister Dharmendra Pradhan had urged producers’ groups at Thursday’s OPEC meeting to relax production restrictions to fulfill their promise of stable oil prices.
In response to a question on India’s arguments, Saudi Energy Minister Prince Abdulaziz bin Salman said in a press conference after the OPEC + decision on Thursday that the Indian government should use the raw material reserves they had last year Bought at very cheap rates.
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India purchased 16.71 million barrels of crude in April-May, 2020 and filled all three Strategic Petroleum Reserves made at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka. According to a written reply in the Rajya Sabha on September 21, 2020, the average cost of that crude purchase was USD 19 per barrel.
There has been no change in the prices of petrol and diesel for the last 7 days. Oil companies did not revise prices in important assembly elections of 2017 and 2018 before elections in states like Uttar Pradesh and Gujarat. Elections will be held in the next few weeks in West Bengal, Tamil Nadu, Kerala, Pondicherry and Assam.