Opec agrees deal to control prices

OPEC+ reached a deal on oil production increases Sunday, following a protracted dispute between the United Arab Emirates and Saudi Arabia

  • The Opec cartel and partners such as Russia will boost supply from August after prices climbed to two-and-half-year highs during the pandemic.
  • The move should have an impact on petrol prices at the pump, which have also rocketed.
  • The price of Brent crude oil is up 43% this year to almost $74 a barrel.
  • Last year, Opec and its partners cut production by a record 10 million barrels per day (bpd) amid a pandemic-induced slump in demand and collapsing prices.
  • Under the agreement, the group will begin coordinated increases in production in August. Overall production will grow by 400,000 barrels per day on a monthly basis thereafter.
  • However, this year the price of oil has surged as economies have reopened, contributing to rising inflation in some countries and threatening to put the brakes on the global recovery.

 “This latest OPEC bust-up highlights important changes in oil marketing strategy that are starting to spread across the global oil patch,” Jim Krane, a fellow at Rice University’s Baker Institute, said, per the NYT.” They said

Latest articles

Paytm and HDFC Bank have teamed up to explore payment solutions for new online businesses

Paytm, the IPO-bound digital payments company, and HDFC Bank, India's largest private sector bank, announced a strategic partnership to develop comprehensive solutions...

For the first time in three months, Bitcoin has surpassed $50,000

On Monday, Bitcoin surpassed $50,000 for the first time in three months, as investors flocked back into the cryptocurrency on a bargain-hunting...

50 Government schools transformed in Odisha, 1000 underway

Under the 5-T initiative, Odisha Chief Minister Naveen Patnaik has changed 50 government high schools in the Hinjilicut and Sheragada Blocks in...

WhatsApp’s Desktop App Has Been Released To The Public Beta Program

WhatsApp, like most other apps, is subjected to beta testing. This is crucial because they need to ensure that the software works...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here