ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Oil prices have started to rise with the announcement of OPEC+ countries to reduce oil production. Lower supply would result in higher prices, which would worsen situations in countries already reeling under inflation.

Detailed explanation-2: -Understanding OPEC and Oil Prices In particular, OPEC’s largest producer of crude oil, Saudi Arabia, has the most frequent effect on oil prices. Historically, crude oil prices have seen increases in times when OPEC production targets are reduced.

Detailed explanation-3: -The cut helped drive up the price of American benchmark oil almost $10 per barrel, from $80, though it has since lost half those gains. Rising oil and gasoline prices are hurting American consumers across the retail landscape and at the gas pump.

Detailed explanation-4: -OPEC is trying to prop up oil prices as global demand slows down OPEC and its allies plan to slash oil output by 2 million barrels a day to prop up oil prices. Gasoline prices are rising again in the U.S., but the effects vary in different parts of the country.