WTI Crude oil futures witnessed a steep drop after recent gain on ideas that OPEC and Russia considered easing supply curbs following an expected drop in Iranian exports. Russian Energy Minister Alexander Novak Alekperov welcomed the OPEC Secretary General and his delegation and expressed his support for the Declaration of Cooperation, noted the oil cartel. This proved to be a major trigger for a slide in oil and WTI futures slumped below $ 70 per barrel, falling more than 4% in a single session. MCX Crude oil futures also extended a drop following this and closed around Rs 4600 levels, wiping out a bulk part of the recent gains.
Oil firmed up earlier in the week, hitting a fresh four year high after the US warned that it is set to impose the strongest sanctions in history on Iran. Meanwhile, the domestic Crude oil production during April 2018 was 2915.00 TMT which is 1.44% higher than monthly target but 0.83% lower than the production achieved in April 2018. Crude oil production by ONGC during April, 2018 was 1777.33 TMT which is 1.36% higher than the monthly target but 3.78% lower when compared with April, 2017.