The world is waiting to see whether the Organization of the Petroleum Exporting Countries (Opec) will decide to increase crude oil production at its meeting in Vienna on Friday. Mint looks at what is at stake for India and the world.
Why is this meeting so important?
The meeting comes against the backdrop of Opec looking to strengthen its cooperation with Russia on production control. With Opec accounting for around 40% of global production, any decision will have a wide-ranging impact on energy markets. The meeting is also significant as it comes in the backdrop of a supply cut by Opec and Russia, which triggered a rally in global crude oil prices. Prices have fallen since then. Also, there are growing fears of a trade war escalation, which may impact global growth. Read More