New Delhi: Organization of the Petroleum Exporting Countries (OPEC) has decided to increase crude oil production per a pact between them on Sunday. The organisation decided to increase per day production by 4,00,000 barrels. OPEC is reinstating the production rate, which it has slashed earlier. The new decision might provide relief to the Indian people as the crisis is severe here out of burning oil prices.
It is reassuring that there has been no significant increase in fuel prices in India since then. At the same time, companies are not yet ready to reduce petrol and diesel prices in India, despite falling global oil prices.
Following OPEC's decision, the price of Brent crude oil fell sharply in the international market. Brent crude fell to $ 68.62 a barrel from $ 73.59 a barrel. During the three days from July 16 to 19, it fell 6.75 per cent.
OPEC is a group of 13 countries that produce 29 per cent of global crude oil.