New Delhi, March 6 : The downward trend in crude oil prices continues, with global crude oil rates plunging to a six-month low. In the international market, Brent crude has slipped below the $70 per barrel mark, currently trading at $69.47 per barrel. Similarly, WTI crude has fallen below $67 per barrel, trading at $66.46 per barrel.
The decline in crude prices comes after OPEC and its allies signaled an increase in oil production, leading to a persistent supply pressure on global markets.
🛢️ OPEC+ to Boost Crude Oil Production
Despite opposition from some oil-producing nations, a general consensus has been reached among OPEC and its allies to increase crude oil output from April 2025.
- Russia and Saudi Arabia are expected to increase daily crude oil production by 138,000 barrels.
- Venezuela has also announced a 68,000 barrels per day production hike.
- Other OPEC nations are also likely to increase their crude output in the coming months.
This expected rise in supply has intensified downward pressure on oil prices, leading to a sharp fall in global crude rates.
📉 Further Price Drop Expected in Global Crude Market
Market analysts predict that if OPEC+ members, including Venezuela, Saudi Arabia, and Russia, collectively increase crude oil production by 225,000 barrels per day, oil prices could plunge further to $55 per barrel.
Such a price drop would be a major relief for countries like India, which heavily depend on imported crude oil to meet domestic energy demands.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.