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CARE Ratings Research Report
Organization of the Petroleum Exporting Countries plus members have decided to continue the production levels of March-2021 for the month of April 2021, with the exception of Russia and Kazakhstan, as they will be allowed to increase production by 130 and 20 thousand barrels per day respectively, due to continued seasonal consumption patterns.
Saudi Arabia will be extending the additional voluntary adjustments of 1 million barrels per day for the month of April 2021 and participating members who have not been able to maintain and achieve its requisite quota of cuts will be allowed to achieve full conformity and make up for pervious compensation shortfalls till the end of July 2021.
The recent increase in oil price has not been favourable for the Indian economy considering how the country imports more than 80%-85% of its oil requirements.
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