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.
Snehal Singh
Assistant Manager - Research
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