As oil climbs, prices may hurt in future!
With Opec deciding to keep production unchanged and price hovering around $65 per barrel, things appear under control
The latest news about the oil producing nations or Organization of the Petroleum Exporting Countries (Opec) on Tuesday deciding to keep production of oil unchanged for some months surely has brought music to ears of India.In addition, it has helped keeping rupee in check.
Opec appears to be working on a well-crafted strategy of facilitating price recovery and making shale producers such as US overstretch themselves.
Despite picture looking so comfortable, India needs to be up on its toes still. Considering slow uptick in oil prices in comparison to last year and worrisome monsoon conditions anticipated proper strategy should be formulated.
Though $65 appears cheap, an increase in prices may hurt in future.