Oil rises on Saudi plan to deepen output cuts
Edited By WION Video Desk
Published: Jun 05, 2023, 21:45 IST | Updated: Jun 05, 2023, 21:45 IST
As the global oil prices rose yet again on the World Environment Day, the debate around whether rising oil prices are good or not is back on the ground. Although high oil, gas, and coal prices on consumers are good for the environment as they lower demand. the effect of high prices on producers can be bad for the environment because they encourage increased supply. Oil prices rose after Saudi Arabia pledged to cut production by a further 1 million barrels per day from July.
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