Author Name: Neha Dhamija
Despite of a record supply cut agreement by OPEC (Organization of Petroleum Exporting Countries) to bring some momentum in the slumping demand, the crude oil price dropped more than 9 percent and was trading at US $36 per barrel mark owing to weak US economic growth situation.
OPEC has decided to drop the production rate for controlling the oil prices in the global oil market in the meeting held earlier this week. The production cut will take effect from January 1 next year.
The Indian Government, seeing the oil price trends had initiated a cut of Rs 5 per liter on petrol and Rs 2 per liter on diesel last week. And the customers can expect further cuts in the prices if the trend continuous.
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