Good News! Petrol may be cheaper from August, know what is the plan of OPEC countries?

New Delhi: The general public is going to get relief from expensive petrol and diesel soon. The prices of petrol and diesel are expected to come down soon. After the meeting with the OPEC group on Sunday, it is expected that petrol may soon become cheaper. Let us tell you that there has been a complete agreement in this meeting, under which five OPEC and non-OPEC countries will increase the production of crude oil from August. Earlier, oil prices were affected by the dispute between these countries.

In a statement issued on Sunday after the online meeting of the Organization of Oil Producing and Exporting Countries (OPEC) and its partner producing countries, it has been said that the limits of oil production of Iraq, Kuwait, Russia, Saudi Arabia and UAE will increase. Let us tell you that Russia is an ally of OPAC.

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There will be an increase of 4,00,000 barrels
According to a report in Times of India, OPEC countries said that from August its output will be increased by 4,00,000 barrels per day every month and thus the currently applicable 5.8 million barrels per day cut will be gradually reduced by the end of 2022. will end. After this decision, 2 million bpd production can be restored.

Production level of 5 countries will increase
After the online meeting, the Energy Minister of the United Arab Emirates (UAE) Suhail-Al-Mazroui informed journalists that there was a (complete consensus). Although he did not immediately provide information, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman did say that there will be adjustments between the groups regarding production limits. Later, in the statement of OPEC, information was given about the agreement to increase the production level of the five countries.

Which countries will increase production by how much?
Let us tell you that under the new set policies, UAE will be able to produce 3.5 million barrels per day from May 2022. According to reports, the UAE was earlier seeking a limit of 3.8 million barrels/day production for itself. Similarly, Saudi Arabia’s daily production limit will be increased from 1100 million barrels to 11.5 million barrels. The production limit of Russia will also remain the same. The increase in the daily production limit of Iraq and Kuwait will be slightly less than this.

Improving activities due to vaccination campaign
It has been acknowledged in the OPEC statement that oil prices are increasing continuously. It has said that ‘economic activity is improving due to the intensification of vaccination programs in most parts of the world.’ Earlier this month, talks about production broke down as the UAE wanted to increase its own production levels. This increased the tension between the UAE and Saudi Arabia.

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effect of pandemic
Let us tell you that in the midst of the Corona virus epidemic, there was a tremendous fall in the prices of crude oil due to decreasing demand for jet fuel and vehicle fuel. Demand has improved after the pace of vaccination in the world’s major economies. Benchmark Brent crude oil was trading at $ 73 per barrel on Friday.

OPEC and its allies like Russia agreed to a record cut of 10 million barrels in daily crude oil production in 2020 to keep the price going up. After that gradually the cut was lightened by increasing the production by 42 lakh barrels. At present, the reduction of 58 lakh barrels / daily is applicable.

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