Fuel prices set to slide soon as OPEC+ agrees to boost supply

SYNOPSIS

The grouping, which includes Russia, decided to raise production by 400,000 barrels per day (bpd) from August till December to restore 2 million bpd of production, or about 44% of India’s daily requirement. It also agreed on a higher production quota for United Arab Emirates, Iraq and Kuwait – all India’s major suppliers.

Fuel prices are expected to come down shortly as the OPEC+ grouping on Sunday agreed to add more barrels to the market, averting a supply squeeze and reducing the risk of an inflationary oil price spike.
The grouping, which includes Russia, decided to raise production by 400,000 barrels per day (bpd) from August till December to restore 2 million bpd of production, or about 44% of India’s daily requirement. It also agreed on a higher production quota for United Arab Emirates, Iraq and Kuwait – all India’s major suppliers.


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