🔆Russia, Saudi Arabia the world's two biggest oil exporters, called for all OPEC+ members to join an agreement on output cuts for the good of the global economy..
How it will impact the global economy?
✅Impact on the U.S: The move is likely to be highly detrimental to the US, which has repeatedly asked the organisation to increase oil production.
✅Impact on Non-OPEC Countries: The production cuts could have an impact on non-OPEC countries that rely on oil exports, as they may face increased competition in the market.
✅Impact on India: India imports nearly 85% of its crude requirement, the oil import bill will rise on account of the rise in prices due to decreased production.
The rise in import bills will not only lead to inflation and a rise in the Current Account Deficit (CAD) and fiscal deficit but also weaken the rupee against the dollar and hurt stock market sentiment.
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Economy
