Hindustan Times-Apr 14

Russia, Saudi Arabia and other major oil producers have agreed to reduce oil production. Combined with other measures, the amount of oil sold in global markets will fall by nearly 15 million barrels a day. The entire price drama has led oil prices to rise about 2% a barrel, but they remain half of the $60 to $70 spread they enjoyed just a few months ago. The main consequence of the present agreement is an end to the price war between Russia and Saudi Arabia. The enormous drop in oil demand that followed the pandemic outbreak has rendered the price war meaningless. Even with Moscow and Riyadh patching up, the resulting production cuts will make up just half the drop in global demand. India, along with other major oil importers, will remain overall beneficiaries of historically low oil prices.

Read more at: https://www.hindustantimes.com/editorials/there-is-an-oil-deal-but-india-need-not-worry-ht-editorial/story-Qd0OiJOEYYv1NJe9f6fhNI.html