Crude oil ship
Crude oil prices are increasing due to increase in global tension. Oil prices are being boiled from time to time due to crude oil supplier’s entangles in the war of suppliers. But, to overcome this problem, 8 countries of OPEC Plus are talking about increasing the supply of oil every day by 5,48,000 barrels. Today i.e. on August 3, the meeting of Opak is going to be held, in which a decision can be taken to increase the supply of crude oil from next month. Earlier, in the months of June and July, it was announced to increase crude oil supply by 4,11,000 barrels.
The decision to increase the supply of crude oil from Opak + countries will benefit all the countries including India, which are completely dependent on the oil import. India imports most of its oil needs and OPEC is its main supplier.
India will get a big benefit
Crude oil production may reduce prices further due to sudden increase. This is expected to provide relief in the prices of petrol, diesel and other petroleum products in India. Obviously, the common man will benefit from lower oil prices. This will also affect the prices of transport and everyday things. Also, due to low import bills, the economy of the country can get strengthening.
What are OPEC and OPEC+?
OPEC i.e. Organization of Petroleum Exporting Country, is a group of 14 oil export countries. It includes Gulf Arabia, Iran, Iraq, Kuwait, Venezuela, Libya, Indonesia, Qatar, Algeria, Nigeria, UAE, Equatorial Guinea, Congo, Angola, Ecuador and Gabon. It was started in 1960. At the same time, OPEC Plus was formed in 2016, when OPEC partnered with non-OPEC countries. The main objective of this is that the falling prices of oil can be controlled. Inflation can also be controlled.