UAE-Saudi Arabia dispute over crude oil could lead to higher gasoline and diesel prices
New Delhi: Gasoline and diesel prices continue to skyrocket in the country. The situation is that in many cities gasoline has gone over 100 while diesel is around Rs 100 per liter. At present, the possibility of relief from soaring oil prices is also very low. According to one estimate, it could increase further in the coming days. Crude oil is at an all time high in the international market. Right now, crude oil is around $ 77 a barrel, which is expected to hit $ 80.
In fact, Saudi Arabia and the United Arab Emirates (UAE) are unable to form an opinion on the production of crude oil and there is a dispute between the two. The clash between Saudi Arabia and the United Arab Emirates over an exit deal is in full swing. Saudi Arabia supports extending the current deal until 2022, while the UAE is against it. On Sunday, the United Arab Emirates opposed OPEC, a group of oil-exporting countries, and plans by allied producing countries to expand the international agreement to cut oil production. the UAE called the proposal to extend the deal until 2022 without increasing its production quota unfair.
Let us tell you the UAE is trying to increase its oil production. Last year, the corona virus caused global prices to drop as demand for oil declined. To counteract this, the oil-producing countries had signed an agreement to reduce its production. And Saudi Arabia has played a big role in this regard.