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Opec ignores India’s call for increasing oil production

Date: 08 March 2021 Tags: Basics of Economics
  • International oil prices rose after OPEC and its allies ignored India's plea to ease production control.
  • Brent crude rose nearly 1 % a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand.
  • Retail petrol and diesel prices, which already are at historic highs, should rise if the oil companies decide to pass on the surge in international oil prices to consumers.
  • India imports about 85 % of its oil needs and local retail rates are benchmarked to international prices.