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Global Crude prices today rose sharply after OPEC (Plus), the grouping of the world’s largest oil-producing countries, said, they will cut production, a surprise move that stands to boost gasoline bills and inflation in the Western countries. The group announced they were cutting output by more than one million barrels of oil a day from May until the end of the year.
The Organization of the Petroleum Exporting Countries (OPEC) comprising Saudi Arabia, Iraq and several Gulf States and their allies including Russia, are together known as OPEC (plus).
Talking exclusively to AIR News, Energy expert, Narendra Taneja said, the group’s decision to further cut oil supplies adds to the global challenge for the countries which are already tackling high inflation.
In intra-day trade, Brent crude was trading at around 84 dollars and 48 cents per barrel, while West Texas Intermediate (WTI) crude price was at 80 dollars per barrel.