Fuel prices halt upward rise as OPEC+ output cut talks hit snag

NEW DELHI: Both international crude oil prices and domestic fuel rates have taken a breather from their relentless rise this week as the world’s most important oil suppliers cartel—Organisation of Petroleum Exporting Countries (OPEC) along with other members such as Russia—remained unable to reach a consensus on an extension of earlier production cuts.

These output cuts, made to keep prices from tanking due to the impact of the pandemic, are set to lapse in January 2021. However, with demand for crude oil still weak, several member countries of the OPEC+ alliance have been seeking an extension to keep prices high. According to experts, if further output cuts are agreed upon, then crude oil prices are likely to trend upwards.