#Crude OIl

.Oklahoma City, OK, USA
US oil prices rallied past $60 a barrel on Monday for the first time in more than a year. (Photo credit: Representational/unsplash)

  • West Texas Intermediate surged 2.19% to $60.77 in Asian trade
  • Crude oil market crashed in January last year due to the pandemic
  • OPEC and other major producers' decision to slash output last spring has also provided crucial support

Dharmendra Pradhan said international crude oil price is an indicator but international product price is the benchmark. (Photo Credit: PTI)

  • Dharmendra Pradhan on Wednesday said the price of crude oil is governed by an international mechanism
  • He added that states have hiked value-added tax
  • He noted that the central government has also reduced the prices of petrol and diesel

.Washington D.C., DC, USA
The oil and gas permits were handed out by the Trump administration (Photo Credits: Representational Image/ Unsplash)

  • Around 25% of America's crude oil was extracted from federal territories
  • Certain agencies in Washington will be allowed to issue permits during the pause
  • Western Energy Alliance and American Petroleum Institute have condemned the move

.Indore, Madhya Pradesh, India
Congress has demanded that the hike in the prices of petrol and diesel. (Representational Image/Unsplash)

  • OPEC decided to increase the crude oil production by 5 lakh barrels a day: Dharmendra Pradhan
  • We are of the view that the (fuel) price would stabilise, Pradhan said
  • Pradhan said US elections and internal problems in some countries have triggered fuel price rise

.Vienna, Austria
King Abdulaziz bin Salman (right), Saudi Arabia's minister of Energy, earlier had issued warning to Iraq and Nigeria against exceeding their oil production quota. (Photo Credit: Twitter/ @KingSalman)

  • OPEC begins its meet on Monday to deliberate oil production cuts
  • The 13-member body of oil producing nations will decide whether to extend the cuts earlier imposed 
  • The COVID-19 pandemic, which brought down oil's demand, necessisated the cuts early in the year