OPEC- Price fluctuations and Impact on India - Seeker's Thoughts

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OPEC- Price fluctuations and Impact on India

Introduction - OPEC-( The Organization of Petroleum Exporting Countries)- It is a group of 14 oil producing countries. Saudi Arabia is the largest producer of Oil after Russia, however Russia is not a member of OPEC. These OPEC countries decided to cut their output of oil production. During last year and half there was supply side constrain from Venezuela, Libya as well.
Short fall in supply resulted high prices of crude oil. China, United States of America and India requested to increase supply so that the market goes down. Even though China and United States produce large amount of crude oil. OPEC is not obliged to accept this increase in production because of their profit as they are scared of overheating the market.
 Even though Russia has increases production. Iran is third largest producer in OPEC, it feels that it is hit by sanctions than it will make economic losses. Iran may produce if price don't go below 70$per barrel.
Russia is not a part of open but is known is the part of OPEC plus.
Iraq, Venezuela also against the price reduction after these countries increase oil production. 
What do these Countries want? 
These oil producing countries want price to be stable and to avoid the situation the over heating the market.
The increase in output will be in phase. Prices will be stable, and importing countries will be in better situation as well.
OPEC, other oil producing countries  and India's Market Connection
1. If price becomes stable at 70, India will benefit.
2. India's RBI will lower the monetary policy committee. 
3. Money supply will increase and inflation will come down. 
4. Business may be impacted in positive way-which depends upon the petroleum for its energy needs.