Oil prices climb after OPEC producers announce surprise cuts
Oil prices climb after OPEC producers announce surprise cuts

Oil prices surged during Asian trade Monday, April 4, after Organization of the Petroleum Exporting Countries (OPEC) producers said they would cut production in a surprise move. For the eleventh straight month, the price of petrol and diesel in India remained unchanged on Monday. The last revision to fuel prices took place in May 2022. 

Today, April 3, the price of petrol in Mumbai is Rs. 106.31 per litre, while the price of diesel is Rs. 94.27 per litre. In Delhi, the cost of petrol is Rs. 96.72 and that of diesel is Rs. 89.62 a litre. One litre of petrol costs Rs.102.63 in Chennai, and one litre of diesel costs Rs.94.24. Petrol costs Rs. 106.03 a litre and diesel costs Rs. 92.76 in Kolkata.
Bangalore charges Rs. 101.94 for a litre of petrol and Rs. 87.89 for a litre of diesel, respectively. One litre of petrol costs Rs. 97.18 in Gurugram, and one litre of diesel costs Rs. 90.05. Petrol costs in Jaipur are Rs. 108.48 for petrol and Rs. 93.72 for diesel per litre (diesel).

Nevertheless, starting on April 1 of this year, the Kerala government raised the cost of petrol by Rs. 2 per gallon.
India, the world's third-largest oil importer, gets more than 70% of its crude oil from OPEC and its allies. OPEC Plus, a grouping of 23 oil-rich countries, including those in the Middle East and Africa, and their 10 partner countries, including Russia, combined control up to 40% of the world's oil production.

On Monday's opening, oil prices surged more than $5 a barrel after OPEC+ unexpectedly announced that it will further reduce production to support market stability.

U.S. West Texas Intermediate crude rose $5.41 or 7.2% to $81.08 per barrel, its highest level since late January. During the opening, Brent crude reached its highest price in almost a month. At 2249 GMT, it had risen $5.67, or 7.1%, to trade at $85.56 per barrel.

By announcing production cuts of around 1.16 million barrels per day on Sunday, the Organization of the Petroleum Exporting Countries and their allies, including Russia, shocked the markets. The so-called OPEC+ group had been anticipated to uphold its earlier choice to reduce output by 2 million bpd until December.

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