NEW DELHI: Saudi Arabia’s announcement to reduce how much oil it sends to the global economy may arrest the fall in international oil prices, delaying revision in fuel prices in India, industry sources said.
Saudi Arabia on Sunday announced cuts of 1 million barrels per day in oil output starting July, while the rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024.
The decision led to oil prices rising by more than $1 a barrel on Monday. Brent crude futures were at $77.64 a barrel, up $1.51, or 2 per cent, in early morning trade after hitting a session-high of $78.73 a barrel.
US West Texas Intermediate crude climbed $1.41, or 2 per cent, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel.
This story is from the Delhi 06 June 2023 edition of Millennium Post Delhi.
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This story is from the Delhi 06 June 2023 edition of Millennium Post Delhi.
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