New Delhi: Petrol and diesel prices continue to skyrocket in the country. The situation is that in many cities petrol has crossed 100 while diesel is around Rs 100 per litre. At present, the possibility of relief in the skyrocketing oil prices is also very low. According to an estimate, it may increase further in the coming days. Crude oil is at an all-time high in the international market. At present, the crude oil is around $77 a barrel, which is expected to reach $80.
In fact, Saudi Arabia and the United Arab Emirates (UAE) are not able to form an opinion on crude oil production and there is a dispute between the two. The clash between Saudi Arabia and UAE over an output deal is in full swing. Saudi Arabia is supporting extending the current deal to 2022, while UAE is opposing to it. On Sunday, UAE opposed OPEC, a group of oil exporting countries, and allied producing countries' plans to expand the international agreement on cutting oil production. the UAE has termed the proposal to extend the agreement to the full 2022 without increasing its production quota as unfair.
Let us tell you that UAE is trying to increase its oil production. Last year, the corona virus caused a decline in global prices as oil demand declined. To balance this, oil producing countries had signed an agreement to reduce its production. And Saudi Arabia played a big role in this.
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