NEW DELHI: The wait for a reduction in pump rates just got longer after Saudi Arabia on Monday extended its voluntary oil production cut by a month till August and Russia supported the move to lift prices by pledging to reduce exports by 500,000 barrels per day (bpd).
Coming amid demand concerns, the latest pledges — which will take the total OPEC+ outage to more than 5 million bpd, or 5% of daily global supply — lifted benchmark Brent prices marginally by 32 cents to $75.73 per barrel.
The latest OPEC+ move is likely to prompt state-run fuel retailers also to extend the wait-and-watch mode on the issue of reducing petrol and diesel prices.
