The unprecedented move by one set of countries to try to impose a price at which another can sell a commodity has drawn confusion among traders, and - from Moscow - a threat of retaliation
Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply
India has been very good at managing its finances but the surge in global energy prices is going to have a negative impact on its economy, said IMF MD Kristalina Georgieva
Global oil prices fell on Wednesday by the most in nearly 2 years after OPEC member the UAE said it supported pumping more oil into a market roiled by supply disruptions due to sanctions on Russia
Oil prices fell about 1% amid investor jitters ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts to balance global markets
Oil dropped as Democrat Joe Biden edged closer to the White House but the Republicans look likely to retain Senate control, decreasing the chances of any huge Covid-19 relief package
The cumulative crude oil production during 2019-20 was 32.1 million tonne, 5.95 per cent lower than production of 34.2 mt during the corresponding period of last year
The outbreak comes at a time when geopolitical risks to oil supply are likely to remain elevated in 2020, as both the US and Iran continue their maximum pressure campaigns
