info@marketresearchfuture.com   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Oil Prices Rises Automatically With The Cut In Output

By Snehal Singh , 03 May, 2023

After the largest exporters of oil in the world announced surprise cuts in the production, oil prices have surged. The study says, the brent crude oil prices is trading close to $85 a barrel after jumping almost 6 percent.

Even the economists warned that higher oil prices may make it harder to bring down the inflation. But according to the RAC motoring group, it does not expect petrol prices to rise until and unless the higher oil prices sustained over many days.
Energy giants like BP and Shell saw that their share prices rising more than 4 percent. Reports say, Russia plans to extend its cut of half a million barrels a day till the end of 2023. On the other hand, the United States has been calling for producers to increase the output in order to push the energy prices lower.
According to the reports, high fuel prices and energy have helped to drive up the inflation by putting pressure on many of the household finances. The chief economist at KPMG, said that the oil price surges could make the battle lower down the inflation even harder. In her opinion, the rising oil prices would not necessarily lead to the higher household energy bills.
The survey reveals, diesel price 17 percent more than the petrol despite fall in the oil prices. Petrol prices also rises in warning after cut in oil output. And the output reduction is made by members of the Opec + oil producers. The group also accounts for about 40 percent of all the world’s crude oil output. Reports says, Saudi Arabia is reducing the output by 500,000 barrels each day and Iraq is reducing its output by 211,000. Kuwait, Algeria, Oman, and the UAE are also making cuts in output.

Oil Prices Rises as Output is Cut

Oil-Price-Rises.jpg

Latest News

2025.png
Elsevier Unveils ScienceDirect AI in 2025 to Revolutionize Research Efficiency

In March 2025, Elsevier launched ScienceDirect AI, a world-renowned leader in science and health information science. This state-of-the-art generative AI tool can potentially transform the industry with its revolutionary advances in research. This…

Read More

Drop.png
EV Revolution: Battery Prices Drop Below USD 100/kWh Amid China's Dominance of the Market in 2025

The global electric vehicle (EV) industry has reached a pivotal milestone. The average price of lithium-ion battery packs has dropped below the USD 100 per kilowatt-hour (kWh) threshold, a benchmark long considered critical for achieving price parity…

Read More

2025.png
China Accelerates Push for Domestic EV Chips Amid Global Trade Tensions in 2025

In 2025, China will focus on self-sufficiency in high-tech industries by further integrating domestically produced semiconductor chips into the country\'s electric vehicle (EV) industry. By doing so, China aims to reduce reliance on foreign…

Read More

2030.png
General Motors Leverages AI to Revolutionize Manufacturing in 2025

GM will implement artificial intelligence (AI) in the company's facilities in 2025 to improve safety, quality, and efficiency. This appears to be another strategic initiative from GM aimed at innovation and operational improvement.

At GM, one of the…

Read More

2025.png
Honda and Renesas Collaborate for Next-Gen Software-Defined Vehicles in 2025

In January 2025, Honda Motor Co., Ltd. and Renesas Electronics Corporation declared a strategic collaboration to create a high-performance system on a chip (SoC) designed for Software Defined Vehicles (SDVs). This cooperation is intended to bolster…

Read More

Author Pic
Snehal Singh

Assistant Manager - Research