Oil prices may rise up to 10 dollars per barrel

New Delhi: 23 countries including Saudi Arabia have decided to reduce oil production. All countries together will reduce crude oil production by 190 million liters per day. Due to this, oil prices may rise up to 10 dollars per barrel. This will have a direct impact on the prices of petrol and diesel across the world including India. In simple words, petrol-diesel is likely to expensive in the coming days.

At the same time, Saudi Arabia said that it will cut oil production by half a million barrels per day from May to the end of 2023. Saudi Arabia's Energy Minister said that this step will help stabilize the oil market. Along with this, like India, Pakistan has also planned to buy crude oil from Russia. Pakistan's Minister of State for Petroleum Musadik Malik said that Pakistan will place the first order next month.

The Indian government has banned the export of petrol and diesel to ensure adequate availability in the domestic market. In the notification, oil refinery companies have been told that they will make 50 percent of their annual petrol export and 30 percent of diesel export available in the domestic market. This could affect non-governmental companies, which are buying cheap crude oil from Russia, refining it and selling expensive petrol and diesel to other countries.