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OPEC not to cut oil production, relief for India
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SME Times News Bureau | 28 Nov, 2014
The ministers of the Organization of Petroleum Exporting Countries(OPEC) decided here Thursday to maintain its output level despite crude oil price fell to a four-year low level.
The decision is good news for emerging economies like India, which has been battling high inflation for several years.
The OPEC decision is likely to result in decrease in oil prices which, in turn, will help India reduce its ballooning import bill.
The country's exports fell 5.04 percent to USD 26.09 billion in October, 2014 than the level of USD 27.48 billion in same month in 2013. This led trade deficit increased by 26.06 percent at USD 13.35 billion, from USD 10.59 billion in the corresponding month of last year.
Experts view that the OPEC move will now help the RBI to rein in inflation and the government to meet the fiscal deficit target of 4.1 percent of GDP.
The decision to maintain oil production at the level of 30 million barrels a day agreed upon in December 2011 was made in the interests of restoring market equilibrium on the back of the recent rapid decline in oil prices, Xinhua reported citing the statement.
The organisation has "no target price", OPEC's Secretary-General Abudulla El-Badri told a press conference, referring to his previous aspirations of 100 dollars per barrel.
El-Badri said the 12-member-nation cartel had decided to wait and see how the oil market would further develop, rather than cut production in order to correct the price drop.
OPEC countries account for 40 percent of total global oil production.
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