Rising oil prices: Indian oil minister warns about unintended consequences of production cuts!
Oil price fluctuation - Thursday, 5 October The price of crude oil substantially fell on Wednesday, despite the decision by the OPEC+ to sticking to the production cuts already made by Russia and Saudi Arabia. The prices did not recover enough to gather momentum to reach $90 a barrel in the early hours on Thursday: as of 09:00 GMT, the prices of WTI and Brent were at $84.35 and $86.06 respectively. The decision by the OPEC+ did not come as a bolt from the blue; on the contrary, it was widely expected, because both Russia and Saudi Arabia had explicitly said that the production cuts - 1.5 million barrels per day - would be extended until December, 2023. In this context, the meeting was more or less just routine and technical in nature - just for optics. On Wednesday, however, there was a report stating a substantial gasoline build in the US by the EIA, US Energy Information Administration, that dampened the mood of the investors to some extent. The unprecedented removal of the US Ho