A series of production cuts over the past year has failed to substantially boost prices amid weakened demand from China and tighter monetary policy aimed at combating inflation. But with international travel back up to nearly pre-pandemic levels, the demand for oil likely will continue to rise.
Saudi Arabia oil production: The Saudi Energy Ministry said on Sunday that the cuts would be made in coordination with some OPEC and non-OPEC members, without naming them. The cut is in addition to a reduction announced last October that infuriated the Biden administration.
The Indian Navy is the lead agency and has been entrusted with the responsibility of protecting the oil production platforms off the coasts of India. A detailed analysis will be undertaken to assess areas and aspects that need improvement and attention.
India oil demand forecast: As per the International Energy Agency estimates, India will contribute a quarter (25 per cent) of the growth in global energy consumption in the coming two decades.
The rupee rebounded 25 paise to 68.33 against the US dollar in early trade on Thursday, in tandem with other emerging market currencies after Federal Reserve chief Jerome Powell bolstered expectations of a rate cut later this month.
OPEC members began officially cutting production earlier this year in an attempt to restore stability of the oil markets.
Iranian channel Press TV reported that the decision of the 13-nation cartel to extend the cuts for 9 months would effectively lower OPEC's production by 1.8 million barrels per day
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