Crude oil prices fell on Thursday following an expectation that Saudi Arabia may sharply increase oil production on demand by the United States, as sanctions on Russia, which is a major oil producer, have led to a diminished supply of oil in the global markets.

Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the previous day. U.S. West Texas Intermediate (WTI) crude dropped $2.21, or 1.9%, to $113.05 a barrel, after a 0.5% rise on Wednesday.

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Analysts had expected Organization of the Petroleum Exporting Countries+ (OPEC+) &nbsp;producers to likely stick to their policy of only increasing output modestly, as they have done since May 2021.

But, The Wall Street Journal reported on Tuesday that some OPEC members were considering suspending Russia from the agreed production plan, to allow other producers to pump significantly more crude oil, as sought by the United States and European nations. The recent shuttle diplomacy between Saudi Arabia and Russia indicates the same.

"Russia has now transformed into a pariah," Seb analyst Bjarne Schieldrop commented, saying OPEC+ may break up or the agreed quota system will be placed on hold amid Moscow's international isolation.

"More oil from Saudi and the UAE will allow the West to implement sharper bans forcing Russian oil exports lower while not blowing up the oil price," Schieldrop added.

Stephen Brennock, an analyst at PVM Energy, said, "Such a move would effectively bring a premature end to the group's supply agreement and pave the way for an unrestricted increase in output,"&nbsp;

The 13 members of the Organization of the Petroleum Exporting Countries, chaired by Saudi Arabia, and their 10 partners, led by Russia, drastically slashed output in 2020 as demand slumped because of the coronavirus pandemic and worldwide lockdowns.

Recently, the soaring oil prices have stimulated the Gulf region's economies, with Saudi Arabia recording its highest growth rate in 10 years in the first quarter of 2022.

[With inputs from agencies] 
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Crude oil prices fell on Thursday following an expectation that Saudi Arabia may sharply increase oil production on demand by the United States, as sanctions on Russia, which is a major oil producer, have led to a diminished supply of oil in the global markets.

Crude oil prices fell on Thursday following an expectation that Saudi Arabia may sharply increase oil production on demand by the United States, as sanctions on Russia, which is a major oil producer, have led to a diminished supply of oil in the global markets. Brent crude was down $2.07, or 1.8%, at $114.22 a barrel at 0649 GMT, having risen 0.6% the previous day. U.S. West Texas Intermediate (WTI) crude dropped $2.21, or 1.9%, to $113.05 a barrel, after a 0.5% rise on Wednesday. + Oil prices skid $3 a barrel + OPEC+ to stick to output hike plan despite EU sanctions@joinsumit brings you this report by @RosieBirchard Watch more: https://t.co/AXC5qRcEPB pic.twitter.com/lFe8wEUdDe — WION (@WIONews) June 2, 2022 × Analysts had expected Organization of the Petroleum Exporting Countries+ (OPEC+) producers to likely stick to their policy of only increasing output modestly, as they have done since May 2021. But, The Wall Street Journal reported on Tuesday that some OPEC members were considering suspending Russia from the agreed production plan, to allow other producers to pump significantly more crude oil, as sought by the United States and European nations. The recent shuttle diplomacy between Saudi Arabia and Russia indicates the same. "Russia has now transformed into a pariah," Seb analyst Bjarne Schieldrop commented, saying OPEC+ may break up or the agreed quota system will be placed on hold amid Moscow's international isolation. "More oil from Saudi and the UAE will allow the West to implement sharper bans forcing Russian oil exports lower while not blowing up the oil price," Schieldrop added. Stephen Brennock, an analyst at PVM Energy, said, "Such a move would effectively bring a premature end to the group's supply agreement and pave the way for an unrestricted increase in output," The 13 members of the Organization of the Petroleum Exporting Countries, chaired by Saudi Arabia, and their 10 partners, led by Russia, drastically slashed output in 2020 as demand slumped because of the coronavirus pandemic and worldwide lockdowns. Recently, the soaring oil prices have stimulated the Gulf region's economies, with Saudi Arabia recording its highest growth rate in 10 years in the first quarter of 2022. [With inputs from agencies] WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crude oil prices fall, as OPEC hints at increased oil production

Fuel prices continued to witness a slump in the national capital on Friday, with petrol and diesel now being sold at Rs 77.10 per litre and 71.93 respectively.

Compared to Wednesday, petrol and diesel prices witnessed a decrease of 0.18 paise and 0.16 paise respectively in Delhi.

In the financial capital Mumbai, petrol prices slipped to Rs 82.62 per litre (decrease by Rs 0.18) while diesel saw a fall of Rs 0.17 and is now being retailed at Rs 75.36.

The rates of the fuel across India have been slashing due to the fall in the prices of crude oil.

Petrol price has been cut by more than Rs 5.35 per litre and diesel by Rs 3.71 in the last 30 days in Mumbai.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.

Meanwhile, global oil prices regained a little composure on Thursday as it rose for the second consecutive session&nbsp;after their recent drubbing, helped by a decline in US&nbsp;fuel stockpiles and the possibility of a cut in OPEC output.

Brent crude&nbsp;futures rose 50 cents to settle at $66.62 a barrel. US&nbsp;West Texas Intermediate (WTI) crude&nbsp;futures rose 21 cents to settle at $56.46 a barrel.

(With inputs from news agencies)

Fuel prices continued to witness a slump in the national capital on Friday, with petrol and diesel now being sold at Rs 77.10 per litre and 71.93 respectively. Compared to Wednesday, petrol and diesel prices witnessed a decrease of 0.

Fuel prices continued to witness a slump in the national capital on Friday, with petrol and diesel now being sold at Rs 77.10 per litre and 71.93 respectively. Compared to Wednesday, petrol and diesel prices witnessed a decrease of 0.18 paise and 0.16 paise respectively in Delhi. In the financial capital Mumbai, petrol prices slipped to Rs 82.62 per litre (decrease by Rs 0.18) while diesel saw a fall of Rs 0.17 and is now being retailed at Rs 75.36. The rates of the fuel across India have been slashing due to the fall in the prices of crude oil. Petrol price has been cut by more than Rs 5.35 per litre and diesel by Rs 3.71 in the last 30 days in Mumbai. The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar. Meanwhile, global oil prices regained a little composure on Thursday as it rose for the second consecutive session after their recent drubbing, helped by a decline in US fuel stockpiles and the possibility of a cut in OPEC output. Brent crude futures rose 50 cents to settle at $66.62 a barrel. US West Texas Intermediate (WTI) crude futures rose 21 cents to settle at $56.46 a barrel. (With inputs from news agencies)

Petrol, diesel prices continue to fall in Delhi and Mumbai

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Crude oil prices fall, as OPEC hints at increased oil production

Petrol, diesel prices continue to fall in Delhi and Mumbai