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Oil nears $90 for first time in 2023, reduces chances of a petrol, diesel price change in India

Oil nears $90 for first time in 2023, reduces chances of a petrol, diesel price change in India

New Delhi: As a result of Saudi Arabia and Russia deciding to maintain their voluntary production and export curbs through the end of the year, oil prices surged to a 10-month high of about USD 90 per barrel.

Increased costs and dimmer prospects for a return to market-driven petrol and diesel prices have made India, which imports more than 85% of its oil, more dependent on international markets than ever before.

After Saudi Arabia, which leads the expanded OPEC+ cartel with Russia, opted to maintain its one million barrels a day reduction in supplies to the global market through the end of December, Brent crude prices rose by almost 6.5 percent over the past week.—Inputs from Agencies

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