NEW DELHI: Saudi Arabia’s decision to voluntarily reduce oil production further from next month is likely to pour cold water over consumers in India hoping for an early reduction in fuel prices as a result of the average cost of crude dropping 35% in the last 11 months.
Saudi Aramco followed up by raising the OSP (official selling price) for July shipments to Asia, Europe and America, indicating that the grouping’s largest oil producer is willing to go solo to bump up prices.
The Saudi decision, announced after a fractious meeting of the OPEC+ grouping on Sunday, pushed benchmark Brent to $78 per barrel on Monday before settling more than 1% higher at $77.
