Israel-Iran War: No Cause For Alarm Over Crude Oil Supplies At Present, Say Indian Govt Sources

There is no cause for alarm regarding the global crude oil supply at present amid the Israel-Iran conflict and tensions in West Asia, Indian government sources told CNN-News18 on Tuesday. The market is experiencing an oversupply, with no imminent risk of shortage, they added.The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are producing approximately 120 million barrels per day. However, production has been slightly reduced by 5 million barrels, bringing the current production level to roughly 97 million barrels per day. Additionally, countries in the Western Hemisphere, such as Guyana, Brazil, and the United States, have become significant oil suppliers, contributing to the increasing global supply. n18oc_worldNews18 Mobile App - https://onelink.to/desc-youtube

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