Petrol-Diesel likely to become expensive, after this decision of America, now waiting for OPEC+ meeting

The price of petrol and diesel in India has remained stable for a long time, but it is possible that its prices may increase in the coming days. A decision of the US Parliament has already raised the prices of crude oil and now all eyes are on the meeting of OPEC+ countries.

Petrol and diesel prices have remained stable in the country for almost a year. But it is possible that there will be an increase in their prices in the coming times. The US Parliament has set a new debt limit for the country and this has increased the prices of crude oil. Now the world is waiting for the decision to be taken in the meeting of OPEC+ countries.

OPEC+ is an organization of the world's largest oil producing countries. It includes 13 petroleum exporting OPEC countries as well as many other countries like Azerbaijan, Bahrain, Brunei, Malaysia, Russia, Oman, Mexico and Sudan. All these countries together control the supply of crude oil in the world.

American debt raised crude oil prices

America is the world's largest crude oil consumer, so fluctuations in the price of Brent crude oil and US West Texas Intermediate (WTS) decide the direction of the world market. After the passage of the bill related to the new debt ceiling (debt limit) in the US Parliament, there has been an increase in their prices.

After passing the bill, the future price of Brent crude has increased by 2.5 percent i.e. $ 1.85 to reach $ 76.13 per barrel. While the price of US WTI has increased by 2.3 percent i.e. $ 1.64 to reach $ 71.74 per barrel.

High crude oil price in india

Similarly, in India too, when the market closed on Friday, the price of crude oil closed with a gain of 1.54 percent. Crude oil price on MCX for June 16 expiry was Rs 5,918 per barrel. Its price kept oscillating between Rs 5,804 to Rs 5,952. Whereas earlier it had closed at Rs 5,828 per barrel.

What will be the decision in OPEC+ meeting?

The meeting of OPEC+ countries is to be held in Vienna on Sunday. Earlier in April, OPEC+ countries had suddenly decided to reduce the production of crude oil. By doing this of OPEC+ countries, the availability of crude oil in the market decreases.

Usually its effect is visible in the market in the form of increasing prices of crude oil. Although last time the benefit of this production cut did not get to the prices of crude oil. In such a situation, the eyes of the world are on the meeting of these OPEC+ countries.