{"id":116776,"date":"2021-07-06T19:23:18","date_gmt":"2021-07-06T13:53:18","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=116776"},"modified":"2021-07-07T19:13:55","modified_gmt":"2021-07-07T13:43:55","slug":"opecs-output-pact-proposal-how-will-decision-affect-india","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/opecs-output-pact-proposal-how-will-decision-affect-india\/","title":{"rendered":"OPEC\u2019s output pact proposal: How will decision affect India?"},"content":{"rendered":"\n<p><strong>Source: <\/strong><a href=\"https:\/\/indianexpress.com\/article\/explained\/opecs-output-pact-proposal-how-will-decision-affect-india\/\"><strong>Indian Express <\/strong><\/a><\/p>\n<p><strong>What is the News?<\/strong><\/p>\n<p>The meetings among the OPEC+ group of oil-exporting countries have stalled. Because the UAE has pushed back proposals, making an increase in crude oil supply conditional on an extension to an output agreement.<\/p>\n<h5><strong>Background:<\/strong><\/h5>\n<ul>\n<li><strong>In April 2020, <\/strong>the OPEC+ countries had signed a two-year agreement. It included steep cuts in crude production to deal with a sharp fall in the price of oil as a result of the Covid-19 pandemic.<\/li>\n<li><strong>Due to this agreement, <\/strong>the price of crude oil started rising consistently and has now reached $76.5 per barrel. Despite this, OPEC+ maintained lower levels of crude oil production.<\/li>\n<li><strong>However<\/strong>, the group ran into sharp criticism from developing economies, including India, for deliberately maintaining low supply levels to raise prices.<\/li>\n<\/ul>\n<h5><strong>What is the issue now?<\/strong><\/h5>\n<ul>\n<li><strong>The current issue is between the UAE and Saudi Arabia. UAE<\/strong>\u00a0has accepted a proposal from Saudi Arabia to raise output of crude oil in phases.<\/li>\n<li><strong>However, <\/strong>UAE has rejected extending the remaining cuts to the end of 2022 from the current end date of April 2021 without adjusting its current baseline production.<\/li>\n<\/ul>\n<h5><strong>How will it impact India?<\/strong><\/h5>\n<ul>\n<li><strong>If the OPEC+ countries <\/strong>do not reach an agreement to increase production of crude oil, then expected relief in the form of lower crude oil prices could be delayed.<\/li>\n<li><strong>India is currently <\/strong>facing record-high prices of petrol and diesel, with prices of petrol exceeding Rs 100 per litre in 13 states and Union Territories.<\/li>\n<\/ul>\n<p><strong>Terms to Know<\/strong><\/p>\n<p><a href=\"https:\/\/forumias.com\/blog\/4th-high-level-meeting-of-the-opec-india-dialogue\/\"><strong>About OPEC<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/forumias.com\/blog\/opec-2\/\"><strong>About OPEC+<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Indian Express What is the News? The meetings among the OPEC+ group of oil-exporting countries have stalled. Because the UAE has pushed back proposals, making an increase in crude oil supply conditional on an extension to an output agreement. Background: In April 2020, the OPEC+ countries had signed a two-year agreement. It included steep&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/opecs-output-pact-proposal-how-will-decision-affect-india\/\">Continue reading <span class=\"screen-reader-text\">OPEC\u2019s output pact proposal: How will decision affect India?<\/span><\/a><\/p>\n","protected":false},"author":10317,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,164,9],"tags":[],"class_list":["post-116776","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-international-relations-daily-factly-articles","category-public","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/116776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10317"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=116776"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/116776\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=116776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=116776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=116776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}