New Delhi, March 06 (HS): The trend of decline in the price of crude oil continues. Today, crude fell to its lowest level in six months in the international market. Brent crude is currently trading below the level of $ 70 per barrel and at $ 69.47 per barrel. Similarly, WTI crude has also slipped below the level of $ 67 and is trading at $ 66.46 per barrel. In fact, there has been constant pressure on the price of crude in the international market ever since OPEC and its allied countries indicated to increase the production of crude oil.

Despite the opposition of some crude oil producing countries, there has been a general consensus between OPEC and its allied countries regarding increasing the production of crude oil. These countries can increase the production of crude oil from the month of April. According to the information received so far, Russia and Saudi Arabia can increase the production of crude oil by 1.38 lakh barrels per day. Apart from this, Venezuela has also said that it will increase the production of crude oil by 68 thousand barrels per day. Similarly, other member countries of OPEC are also expected to increase the production of crude oil.

Market experts say that if OPEC and its allied countries increase production, the price of crude oil may fall further. It is believed that if all other oil producing countries including Venezuela, Saudi Arabia and Russia produce an additional 2.25 lakh barrels of crude oil per day, then the price of crude in the international market can go up to the level of $ 55 per barrel. If this happens, countries like India, which depend on the international market for their needs, will get a lot of relief.

Hindusthan Samachar / Jun Sarkar