Oil Minister&nbsp;Dharmendra Pradhan&nbsp;said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers'&nbsp;interests before deciding to<a href="http://www.wionews.com/world/opec-and-partners-face-steep-challenge-to-reach-oil-cut-deal-182079"> cut crude oil production</a>.

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Union Petroleum &amp; Gas Minister Dharmendra Pradhan on OPEC Summit: Through the statements of the Saudi Oil Minister yesterday, it can be inferred that they will not take any decision overlooking the favours of the consuming countries. <a href="https://t.co/QdmRNfamkT">pic.twitter.com/QdmRNfamkT</a>
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<a href="http://www.wionews.com/world/iranian-petroleum-minister-says-us-should-stop-interfering-in-opec-affairs-182193">OPEC</a> tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production. Union Petroleum & Gas Minister Dharmendra Pradhan on OPEC Summit: Through the statements of the Saudi Oil Minister yesterday, it can be inferred that they will not take any decision overlooking the favours of the consuming countries. pic.twitter.com/QdmRNfamkT — ANI (@ANI) December 7, 2018 × OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

Hope OPEC will remember consumers when cutting output: Dharmendra Pradhan

Cemeteries in Venezuela are unable to offer cremations because they lack natural gas, which is in ever shorter supply even though the OPEC nation holds some of the world's largest energy reserves.

"When we were going to cremate in the "Chinita" (a cemetery) they told us we could not because there was no gas; that they had problems with the furnace and they sent us to Eden (another cemetery). It went well there but lights went out when they were going to do the procedure," said Yajaira Matos, who faced issues while trying to cremate her husband.

Venezuelans are also unable to afford to leave their relatives' remains in the morgue while waiting for gas supplies. Each extra day costs more than a month of minimum wage.

Many are resorting to leaving bodies in unmarked common graves at the edge of cemeteries, an area traditionally reserved for unclaimed bodies.

"It's very difficult to cremate, to bury. Everything is difficult, if it is not the gas, the ovens are useless or the bodies have to be unearthed, it is a disaster, this is a disaster. I don't know what is going to happen and how are we going to continue with this?" said Matos.

The decay of Venezuela's oil industry burdened citizens for months with long gasoline queues and shortages of cooking gas, and has now hit families bidding farewell to loved ones.

Venezuelans have shifted toward cremations, which cost about a third of burials, but growing demand has crematories struggling to obtain natural gas.

Members of a dozen families said in interviews they now wait as long as 10 days.

Shortages of wood and metal for coffins and cement for graves have complicated traditional burials. Some families wait for crematories to obtain propane gas. But the wait also boosts costs, with annual inflation nearing 1 million per cent.

Shortages of medicine, food and basic goods have been constant since the 2014 collapse of oil prices battered Venezuela's socialist economy. Around three million people have emigrated since 2015, according to the United Nations.

President Nicolas Maduro blames an "economic war" led by political adversaries with Washington's help. The Information Ministry did not immediately reply to a request for comment on cremations.

Cemeteries in Venezuela are unable to offer cremations because they lack natural gas, which is in ever shorter supply even though the OPEC nation holds some of the world's largest energy reserves.

Cemeteries in Venezuela are unable to offer cremations because they lack natural gas, which is in ever shorter supply even though the OPEC nation holds some of the world's largest energy reserves. "When we were going to cremate in the "Chinita" (a cemetery) they told us we could not because there was no gas; that they had problems with the furnace and they sent us to Eden (another cemetery). It went well there but lights went out when they were going to do the procedure," said Yajaira Matos, who faced issues while trying to cremate her husband. Venezuelans are also unable to afford to leave their relatives' remains in the morgue while waiting for gas supplies. Each extra day costs more than a month of minimum wage. Many are resorting to leaving bodies in unmarked common graves at the edge of cemeteries, an area traditionally reserved for unclaimed bodies. "It's very difficult to cremate, to bury. Everything is difficult, if it is not the gas, the ovens are useless or the bodies have to be unearthed, it is a disaster, this is a disaster. I don't know what is going to happen and how are we going to continue with this?" said Matos. The decay of Venezuela's oil industry burdened citizens for months with long gasoline queues and shortages of cooking gas, and has now hit families bidding farewell to loved ones. Venezuelans have shifted toward cremations, which cost about a third of burials, but growing demand has crematories struggling to obtain natural gas. Members of a dozen families said in interviews they now wait as long as 10 days. Shortages of wood and metal for coffins and cement for graves have complicated traditional burials. Some families wait for crematories to obtain propane gas. But the wait also boosts costs, with annual inflation nearing 1 million per cent. Shortages of medicine, food and basic goods have been constant since the 2014 collapse of oil prices battered Venezuela's socialist economy. Around three million people have emigrated since 2015, according to the United Nations. President Nicolas Maduro blames an "economic war" led by political adversaries with Washington's help. The Information Ministry did not immediately reply to a request for comment on cremations.

Without gas for cremation, even dying is a struggle in Venezuela

The oil cartel OPEC has agreed to its first production cut&nbsp;in eight years.

Ministers confirmed the cut in oil production has been secured from 33.8 million barrels a day to 32.5 million barrels a day. This has been done to increase&nbsp;prices since they fell more than half since 2014.

There has been a conspicuous oversupply globally and the shale production in the US is booming. There is also a possibility of the US shale producers to increase output and fill in gaps in supply.

Oil prices surged post the announcement&nbsp;and beat trading volume records. Most experts feel the trend would remain modest by historical comparison as other producers will fill the gap unless decided otherwise in the next OPEC meeting.

As soon as the deal was announced, Brent crude saw an uptick of over 8 per cent trading at 50.12 dollars per barrel.

Russia, which is the non-OPEC&nbsp;member, will be reducing oil production by 300,000&nbsp;per barrel per day. Iran has been exempted from this understanding.

All the OPEC&nbsp;member nations, 14 of them to be precise, will meet the non-OPEC&nbsp;producers on December 9th to assess how much each country will produce.

A wire report mentioned that Algeria, Venezuela and Kuwait have agreed to monitor compliance of the OPEC&nbsp;agreement.

Iraq will be reducing oil output by 200,000&nbsp;barrels a day to around 4,350,000&nbsp;barrels per day from January 2017.

According to analysts, Saudi Arabia&#39;s stagnating economy will stand to benefit from cuts and price hikes&nbsp;that follow.

The production cut is estimated to erase close to one&nbsp;per cent of oil output globally.

The pressure for the OPEC&nbsp;came in as globally there was an oversupply for over a decade that brought down the prices.

&nbsp;

Impact on India:

India stands to be negatively impacted on the back of this agreement. India is the fourth largest importer of crude oil as it imports 85 per cent of total oil and 95 per cent of gas from the OPEC&nbsp;nations.

The lower price of oil in the past immensely benefitted the Indian economy and helped patrol inflation. On the back of this deal, the fiscal deficit target and inflation will go through a cascading effect and stand to be impacted.&nbsp;

&nbsp;

Global round up

<ul>
	<li>OPEC TO REDUCE OUTPUT TO A RANGE OF 32.5-33.0 MILLION BARRELS PER DAY</li>
	<li>OPEC ESTIMATES ITS CURRENT OUTPUT AT 33.24 MILLION BARRELS PER DAY.</li>
	<li>MEETING ON DEC 9 TO DECIDE HOW MUCH EACH COUNTRY WILL PRODUCE</li>
	<li>IRAN BEEN EXEMPTED FROM THIS UNDERSTANDING</li>
	<li>POSSIBILITY OF US SHALE PRODUCERS TO INCREASE OUTPUT AND FILL IN GAPS IN SUPPLY.</li>
	<li>SAUDI ARABIA&#39;S STAGNATING ECONOMY TO BENEFIT FROM CUTS AND PRICE HIKE THAT FOLLOW</li>
</ul>

(WION) 
&nbsp;

Ministers confirmed the cut in oil production has been secured from 33.8 million barrels a day to 32.5 million barrels

The oil cartel OPEC has agreed to its first production cut in eight years. Ministers confirmed the cut in oil production has been secured from 33.8 million barrels a day to 32.5 million barrels a day. This has been done to increase prices since they fell more than half since 2014. There has been a conspicuous oversupply globally and the shale production in the US is booming. There is also a possibility of the US shale producers to increase output and fill in gaps in supply. Oil prices surged post the announcement and beat trading volume records. Most experts feel the trend would remain modest by historical comparison as other producers will fill the gap unless decided otherwise in the next OPEC meeting. As soon as the deal was announced, Brent crude saw an uptick of over 8 per cent trading at 50.12 dollars per barrel. Russia, which is the non-OPEC member, will be reducing oil production by 300,000 per barrel per day. Iran has been exempted from this understanding. All the OPEC member nations, 14 of them to be precise, will meet the non-OPEC producers on December 9th to assess how much each country will produce. A wire report mentioned that Algeria, Venezuela and Kuwait have agreed to monitor compliance of the OPEC agreement. Iraq will be reducing oil output by 200,000 barrels a day to around 4,350,000 barrels per day from January 2017. According to analysts, Saudi Arabia's stagnating economy will stand to benefit from cuts and price hikes that follow. The production cut is estimated to erase close to one per cent of oil output globally. The pressure for the OPEC came in as globally there was an oversupply for over a decade that brought down the prices. Impact on India: India stands to be negatively impacted on the back of this agreement. India is the fourth largest importer of crude oil as it imports 85 per cent of total oil and 95 per cent of gas from the OPEC nations. The lower price of oil in the past immensely benefitted the Indian economy and helped patrol inflation. On the back of this deal, the fiscal deficit target and inflation will go through a cascading effect and stand to be impacted. Global round up OPEC TO REDUCE OUTPUT TO A RANGE OF 32.5-33.0 MILLION BARRELS PER DAY OPEC ESTIMATES ITS CURRENT OUTPUT AT 33.24 MILLION BARRELS PER DAY. MEETING ON DEC 9 TO DECIDE HOW MUCH EACH COUNTRY WILL PRODUCE IRAN BEEN EXEMPTED FROM THIS UNDERSTANDING POSSIBILITY OF US SHALE PRODUCERS TO INCREASE OUTPUT AND FILL IN GAPS IN SUPPLY. SAUDI ARABIA'S STAGNATING ECONOMY TO BENEFIT FROM CUTS AND PRICE HIKE THAT FOLLOW (WION)

OPEC countries agree to first production cut in 8 years

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Hope OPEC will remember consumers when cutting output: Dharmendra Pradhan

Without gas for cremation, even dying is a struggle in Venezuela

OPEC countries agree to first production cut in 8 years