Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.
The Public Investment Fund (PIF) of Saudi Arabia, which has invested in SoftBank’s Vision Fund and ride-hailing firm Uber, is looking to invest in India’s infrastructure sector.
Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.
Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.
Oil prices headed for its longest run of losses since February as Saudi Arabia and Russia mull easing curbs on crude production as concerns grow over supply shortages.
The re-balance is sure to be the focus of a tense meeting between Opec and its partners in the production cuts when they meet in Vienna next month
Oil prices fall, extending a steep decline in the previous session, as the market eyes an increase in output from the world’s three top crude producers, Russia, US and Saudi Arabia
Within six weeks, Saudi Arabia has gone from advocating higher prices to trying to stop the rally at $80 a barrel
Brent crude futures fell $2.35, or 3%, to settle at $76.44 a barrel as Saudi Arabia and Russia discuss easing production cuts
It is no secret that India is on the verge of facing a fuel crisis as global crude oil prices continue to fluctuate on a daily basis. Petrol and diesel prices have increased for the past 12 days and aviation turbine fuel prices have also increased. The government has promised to come up with both long term and short term solutions to put an end to India’s oil woes.