Oil Prices Fall Further After OPEC+ Develop Consensus On Output Cuts; Check Latest Petrol, Diesel Price Here

Oil prices extended losses in early Asian trade on Friday after OPEC+ allies agreed voluntary cut oil output for the first quarter next year. that fell short of market expectations.

According to Reuters, Brent crude futures for February slipped 0.2%, to $80.72 per barrel by 0005 GMT, while US West Texas Intermediate crude futures were down 0.2%, to $75.84.

OPEC+ allies refer to the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, Saudi Arabia, Russia and other members of OPEC+, who pump over 40% of the world's oil.

On Thursday, these countries voluntarily agreed to output cuts of around 2.2 million barrels per day (bpd) for the initial quarter of 2024. At least 1.3 million bpd of the output cuts, however, were an extension of voluntary curbs that Saudi Arabia and Russia had already put in place.

The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting. Included in this figure is an extension of the Saudi and Russian voluntary cuts of 1.3 million bpd.

The 900,000 bpd of extra cuts decided on Thursday, includes 200,000 bpd of fuel export reductions from Russia, with the rest divided among six members. The UAE said it would slash production by 163,000 bpd while Iraq said it would cut an additional 220,000 bpd in the first quarter.

Saudi Arabia, Russia, the UAE, Iraq, Kuwait, Kazakhstan, and Algeria were among producers who said production cuts will be unwound slowly after the first quarter, market conditions permitting, reported Reuters.

Windfall Tax On Crude Oil Reduced In India:

Centre on Friday reduced the windfall tax on crude petroleum by Rs 1,300 per tonne to Rs 5,000 per tonne from Rs 6,300 a tonne. The government has also cut the levy on jet fuel to Rs 1.06 lakh per kilo litre (kL) from Rs 1.11 lakh/kL.

The windfall tax is revised every fortnight depending upon the movements of average oil prices in the previous two weeks. Currently, Crude oil prices are trading at around $82 a barrel.

Check New Updates Petrol and diesel In Your City Today

In the national capital Delhi, the price of one litre of petrol and diesel is Rs 96.72 and Rs. 89.62 respectively.

1 litre of Petrol in Bangalore is retailing at Rs 101.94, while the same quantity of diesel is selling at Rs 87.89 in the city.

In Noida, 1 litre of petrol costs Rs 96.65, while the price of the same quantity of diesel is Rs 89.82. One litre of Diesel in Gurgaon retails at Rs 89.76, while the cost of one litre of Petrol in the city is Rs 96.89.

In Chennai, 1 litre of Petrol is retailing at Rs 102.65, while the same quantity of diesel is selling at Rs 94.25 in the city.