India News | Saudi Arabia Extends Cut in Oil It Sends to the World in Bid to Boost Prices
Get latest articles and stories on India at LatestLY. Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of reductions by members of the OPEC+ alliance of major producing countries failed to prop up prices.
London, Nov 30 (AP) Saudi Arabia will extend a cut in the amount of oil it sends to the world after a series of reductions by members of the OPEC+ alliance of major producing countries failed to prop up prices.
That's been a good thing for US drivers, who have been able to fill their gas tanks for less money in recent months. But it's bad news for OPEC+ countries whose oil income bolsters their economies and who have faced setbacks in pushing prices higher despite initial fears that the Israel-Hamas war could affect oil flows.
Also Read | ABP News CVoter Exit Poll Result 2023 for MP: Congress Looks Set to Defeat BJP in Madhya Pradesh.
The Saudi Energy Ministry said in a statement on its website that its voluntary cut of 1 million barrels per day will stay in place through the first three months of next year.
It was announced after rest of the OPEC oil cartel and allied nations like Russia met in an online meeting about global oil production.
Also Read | What Caused Himachal Pradesh Floods? Expert Team Releases Assessment Report.
The OPEC+ coalition announced that Brazil will join the bloc in January, bringing one of the world's fastest-growing oil producers into the alliance. (AP)
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)