Crude-producing countries cut production by four million barrels a day

Despite the rise of Omicron infestation globally

However, if the spread of the virus increases, production growth is likely to be reversed

MUMBAI: Crude oil prices fell sharply in the global market late this evening. The Organization of the Petroleum Exporting Countries (OPEC) and its allies announced in January that they would increase crude oil production by another 4 million barrels on a daily basis.

A meeting of OPEC and its allies today saw plans to increase production by four lakh barrels per month after crude-producing countries cut production during the Corona era, and crude oil prices fell by one per cent in the world market late this evening. Crude traded at 64 64.89 a barrel and Brent crude traded at 68 68.19 a barrel.

Market players were surprised when crude producers decided to push production growth even as the outbreak of the new Omicron virus was on the rise. Thus, in January 2022, these producers are to increase crude production by four lakh barrels per day. Even in December, production has increased so much. Meanwhile, crude-producing countries were allotted production quotas for November

OPEC officials also expressed displeasure at the news that more producing countries had done the same, market sources said. Meanwhile, OPEC sources said that the crude-producing countries have decided to increase production but if the outbreak of Omicron virus increases further, the growth in crude production may be reversed.