OPEC, allies agree to keep oil production cuts unchanged, prices jump
Under the deal, non-OPEC countries Russia and Kazakstand can make small production increases
 "India stands to lose 3,00,000 bpd of crude oil supply from Iran, and 4,00,000 bpd from Venezuela")
Members of oil producer cartel OPEC and allied countries have agreed to leave most of their existing oil production cuts in place as the spread of new coronavirus variants prolongs concerns about economic weakness.
The decision taken Thursday after a virtual meeting pushed the price of crude oil sharply higher in global markets. The US contract spiked 5.6 per cent higher to USD 64.70 a barrel.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Topics : OPEC Opec oil cuts Oil Prices
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First Published: Mar 05 2021 | 12:07 AM IST