OPEC to decide on oil supplies, crude prices hover around $60

As crude prices remain steady around $60/bbl all eyes on OPEC+ meet as the world’s largest oil producers set to decide if supply of oil should be increased. OPEC along with Russia. The Organization of the Petroleum Exporting Countries and its allies led by Russia, , could discuss allowing as much as 1.5 million barrels per day back onto the global market.

OPEC+ continues to hold around 7 million bpd off the markets even as demand has to started pick up across the globe. Prices also gone up multi-fold from the pandemic lows of sub $20/bbl mark.

This comes at a time when India is already facing record high prices at petrol pumps . Indian Oil Minister has urged the 23 national coalition to keep policy and output stable. India imports 80% of it’s crude demand.