The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance
US-Iran tensions: All you need to know about Gulf of Oman, shipping route for oil producing countries in Persian Gulf
Post an attack on two oil tankers in the Gulf of Oman on 13 June 2019, serious concerns about the global oil supply have come to the fore.
Petrol, diesel prices become slightly cheaper after remaining unchanged for six days; crude rises on Venezuela crisis
This month, the state-run oil marketing companies reduced petrol and diesel prices just three times due to the rise in crude oil rates in the international market and a weak rupee.
Even an expectation that the OPEC producer group will start withholding supply in 2019 to rein in any glut provided little support, traders said.