OPEC has refused to increase oil production as the world community calls for a reduction in the price of crude oil, which impedes economic growth.
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As a result, many countries around the world, including the united states and india, have made important decisions to cope with rising crude oil prices.
Yes, the nations of the world have decided to use the stockpiled crude oil for emergencies to temporarily reduce the price of crude oil.
As a result, the supply of crude oil in the market has increased and prices have started falling.
Crude oil production
OPEC + announced that it has decided to continue production at the same level without changing its decision to increase crude oil production, which many countries demand.
Following this announcement, the united states brought crude oil from the emergency stock into use to reduce the price of crude oil.
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Emergency reserve
Following this, on the 23rd, india brought in about 5 million barrels of crude oil from its strategic petroleum reserves (SPR). It is noteworthy that this is the first time such a decision has been taken in India.
Major countries
India, the united states, japan, south korea and the united kingdom have all made similar decisions. The world community plans to temporarily reduce fuel prices without the help of OPEC + countries.
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Crude oil reserves
India has a reserve of 5.33 million tonnes of crude oil and currently uses only 5 million barrels of crude oil. The united states has 50 million people and japan has 4.33 million people to use from its reserves.
Petrol and diesel Prices
About 80-85 per cent of India's fuel demand is met through imports.
In this case, the price of compulsory fuel is likely to fall as imports fall and surplus crude oil enters the market.
But petrol prices in india must remain unchanged for 22 days.
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