CRUDE OIL NEWS UPDATE BY SHREE PROFIT

“If Israel attacks Iran’s oil infrastructure, there is enough spare capacity within OPEC (Organization of the Petroleum Exporting Countries). Let us look at Saudi Arabia. Its production capacity is 12 to 12.5 million barrels per day (bpd) but it produces 9 million bpd. The OPEC has around 5 million bpd of spare capacity, which is enough to compensate for any adverse situation that may arise from the attack,” said Hitesh Jain, an analyst at Yes Securities.