Across the country as well, the prices largely remained unchanged on Tuesday but the retail rates varied depending on the level of local taxes.
The pump price of petrol in Delhi, which fell to Rs 103.97 a litre at 6 a. m. on November 4 from previous day's Rs 110.04 a litre, remains at the same level. The diesel prices also remained unchanged in the capital at Rs 86.67 a litre.
The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-members led by Russia, approved an increase in production of 400,000 barrels per day for the month of December.
According to US Energy Information Administration, India has the 2nd largest proven oil reserves in Asia-Pacific region but, so far the production is done only at 5 locations.
The negative oil price has also highlighted the failure of Organization of the Petroleum Exporting Countries (OPEC+) and G20 to bring about the oil balance for supply and demand.
Until the lockdown is removed in most of the countries, the aeroplanes start to operate, the economy starts humming (not necessarily to the full capacity) and the demand reaches 93 to 95 % of the pre-pandemic period, oil prices will be controlled by COVID-19 driven market, and not by OPEC+ or President Trump, writes Dr. Bhamy V Shenoy.
The Saudi Kingdom calls upon the international community to assume its responsibility in condemning those that stand behind the drone attack on Saudi Arabian oil facilities
Qatar has played its diplomatic game adroitly through the Gulf crisis winning over the sympathies of most countries while keeping the doors open for justified mediation with Saudi Arabia and others.
The decision to withdraw from OPEC came after Qatar reviewed ways to enhance its role internationally and plan its long-term strategy, al-Kaabi told a news conference.
A health worker disinfects Kanyakumari S.P office after a few office staff tested positive for the coronavirus, in Kanyakumari district.PTI Photo
Bharatiya Kisan Union (BKU) national spokesperon Rakesh Tikait speaks during a 'Kisan Mahapanchayat' to mark one year of the farmers' agitation, in Mumbai.PTI Photo/Kunal Patil
Union Home Minister Amit Shah inaugurates the 150 metric ton per day Milk Powder Plant and Automatic Robotic Storage and Retrieval System of Amulfed Dairy, in Gandhinagar.PTI Photo
Union Ministers Smriti Irani and Mukhtar Abbas Naqvi arrive for the BJP Parliamentary Executive Committee meeting ahead of the Winter Session of the Parliament, in New Delhi.PTI Photo/Shahbaz Khan
Smriti Irani, Locket Chatterjee and Ranjanben Dhananjay Bhatt arrive to attend BJP Parliamentary Executive Committee meeting ahead of the Winter Session of the Parliament, in New Delhi.PTI Photo/Shahbaz Khan
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