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25th June - The Hindu Editorial - Part-2(in Hindi)
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Subhodeep Das
VIT University graduate with Mechanical , Appeared in UPSC Mains with Geography Optional . 4+ yr. Teaching Experience

U
Unacademy user
SG
thanxs mam once again
Divya Gupta
2 months ago
😊😊
But if they increase the production of oil now then in future there will be deficiency in production and the price of the oil will be much more higher than today's rate!!!
  1. The tools for counting Sketchy deal: On OPEC oil output boost A new vulnerability OPEC agreed to increase its daily output to address the problem of rising crude oil prices S. UBHODEEP


  2. Organization of the Petroleum Exporting Countries (OPEC) 4m Intergovernmental organization of 15 nations as of June 2018 Founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), Headquartered in Vienna, Austria Mission is "to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets UBHODEEP


  3. EDITORIAL DISCUSSION 25th June THE HINDU unacademy


  4. Saudi Arabia's Energy Minister Khalid al Falih announced that the cartel's output would be increased by about a million barrels a day beginning in July. OPEC countries would "strive" to adjust production levels in order to conform to the terms of the production cut deal reached in 2016. In the absence of any clear intent on the part of OPEC to guide prices lower, the price of the benchmark WTI crude increased by 5% after Friday's announcement. Grade marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. UBHODEEP


  5. OPEC members had in late 2016, it is worth noting, agreed to a historic deal to cut output by 1.2 million barrels a day in order to end a supply glut and raise the price of oil. o.ut uapyst olowine unexpeted outnesinn Since then, the cartel has in fact managed to overshoot its production cut target following unexpected outages in countries such as Venezuela and Libya, contributing to the steep rise in oil prices. The lack of any clear commitment from OPEC to raise production suggests that the threat of a supply shock still looms over the global economy. UBHODEEP


  6. ..other Reasons U.S. President Donald Trump has been vocal in recent months about the need to bring down rising oil prices that threaten to put the global economy under stress. India that have been affected by the rising cost of oil imports, have also been exerting pressure Meanwhile, Iran, which has been opposed to raising OPEC output as it would lower prices, is set to suffer a marginal loss as it lacks spare capacity to ramp up production. UBHODEEP


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