Global crude oil war brings good tidings for India as prices hit $45 per barrel
NEW DELHI : Major oil buyers such as India are set to gain following Russia’s refusal to back broader cuts in crude oil production by the Organization of the Petroleum Exporting Countries (Opec).
Crude prices are on a tailspin after Russia did not agree to Opec’s proposal for an additional production cut of 1.5 million barrels per day (mbpd), amid a slump in demand following the Covid-19 outbreak, at the Opec plus meeting in Vienna on Friday.
Prices are expected to witness more volatility, given Russia’s geo-strategic play in denying the production cut benefits to US shale oil producers and Saudi Arabia increasing production.
