RBI Monetary Policy: Will high crude oil prices impact MPC's decision on October 6?
Also Read: RBI Monetary Policy: Rate-pause may continue on CPI inflation, GDP print: Key indicators to watch Today, OPEC nations produce around 30 per cent of the world's crude oil. Saudi Arabia is the largest oil producer within the cartel, producing more than 10 million barrels a day.
OPEC+ pumps around 40 per cent of the world's crude and its policy decisions can have a major impact on oil prices. The output cuts by the kingdom and Russia have posed fresh inflationnary pressures for the global economy with central banks already on course to raise interest rates before December.
Last week, Brent surged to almost $98/barrel-mark after US government data showed that US crude stocks fell by 2.2 million barrels last week to 416.3 million barrels. "Exciting news! Mint is now on WhatsApp Channels
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