New Delhi, March 4 (HS): There has been 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. Due to this, today crude oil reached its lowest level in 3 months. Brent crude is currently trading at $ 70.91 per barrel, falling below the level of $ 71 per barrel. Similarly, WTI crude has also slipped below the level of $ 68 and is trading at $ 67.81 per barrel.

It is being told that an agreement has been reached 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. Similarly, other member countries of OPEC are also expected to increase crude oil production.

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 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 may go up to $ 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