Crude oil prices fell 6.7% to settle at ₹5,735 after eight OPEC+ countries announced they would go ahead with their production hike plan. While OPEC cited strong fundamentals, it also hinted at pausing future increases if needed. Adding to the downward pressure, the US President’s new tariffs could dampen economic growth and reduce fuel demand.
In addition, the US Energy Information Administration (EIA) revised its December production estimate down by 40,000 bpd to 13.45 million bpd. Meanwhile, US crude oil inventories rose by 6.165 million barrels in the week ended March 28, 2 million barrels more than market expectations, while crude oil inventories at the Cushing, Oklahoma, hub rose by 2.373 million barrels. The International Energy Agency (IEA) has forecast a global crude oil supply surplus of 600,000 barrels per day by 2025,
