As agreed at the Vienna based OPEC headquarters on Friday, in the likely expectations that output may be increased, crude oil price has seen a sharp fall on Monday by over 2%.
The international benchmark for oil prices, brent crude futures were at $73.90 for a barrel, lower by 2.2% in comparison to the last closing price. The other benchmark US West Texas Intermediate (WTI) crude futures were at $68.36 for a barrel lower by 0.3% which got a support due to a slight decrease in US drilling activity.
At an initial instance, prices soared as it was not seen to boost supply in line with the expectations.
OPEC together with non-OPEC partners that include Russia have since the year 2017 have cut output by as much as 1.8 million barrels a day for tightening the market conditions and propping up prices higher.
Meanwhile, in line in India which now prices fuel prices at par with international pricing has seen prices crashing for fifth straight day.