Earlier in a report by Reuters, it had been stated that an OPEC panel was in the process of reviewing various scenarios and was looking at the possibility of deepening and extension of a deal to reduce the crude output.

(Reuters)

Secretary General of OPEC on Monday briefed Union Petroleum Minister Dharmendra Pradhan about the efforts being taken to stabilise the price of crude oil and cooperation with other member countries. The Union Petroleum Minister, Dharmendra Pradhan spoke to ANI after the briefing and said that the Narendra Modi government had raised the issue of the ‘Asian Premium’ still being charged from India by a few OPEC countries. He said that the ministry had asked for a responsible price and seller-buyer alignment. Pradhan told reporters that Secretary of the OPEC also praised the demonetisation drive as a calculated risk and a brave visionary step taken by Prime Minister Modi. The Secretary-General of the OPEC also termed the Goods and Services Tax (GST) reform as a very bold move, Pradhan told reporters.

Earlier in a report by Reuters, it had been stated that an OPEC panel was in the process of reviewing various scenarios and was looking at the possibility of deepening and extension of a deal to reduce the crude output, in an attempt to drain the inventories and support prices. Reuters had reported that two of the world’s top oil producers, Saudi Arabia and non-OPEC Russia had agreed to extend the cuts until March 2018. Although, Energy Minister of the Saudi Arabia Khalid al-Falih said the said extensions would be made on the same terms.

Meanwhile, on Monday, the oil prices rose, on the basis of reports that the OPEC supply cut might not just get extended to March 2018 but also tighten the market and prop up prices Brent crude futures were up 32 cents, or 0.6 percent, from their last close at $53.93 per barrel at 0145 GMT, Reuters reported. The report suggested that the prices had risen due to a pledge by the OPEC and other producers to cut the concerned supplies by 1.8 million bpd be extended to March 2018.