1/
A man stands close to the Cardon refinery, which belongs to the Venezuelan state oil company PDVSAn in Punto Fijo, Venezuela, July 22, 2016. The country is one of the 14 members of the Organization of the Petroleum Exporting Countries (OPEC), which decided to cut output at its November 30 meeting, sending oil prices soaring to above $50 per barrel, a gain of almost 12 percent.Reuters file 
OPEC President Qatar's Energy Minister Mohammed bin Saleh al-Sada addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. The Wednesday decision to cut output is the first in eight years and has significant implications for major oil producers such as Saudi Arabia, Iraq and Iran, besides non-OPEC oil producing countries like Russia.Reuters 
A general view of the beginning of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, November 30, 2016. Meanwhile at OPEC, Khalid A. Al-Falih, Minister of Energy, Industry & Mineral Resources of Saudi Arabia, was elected president of the OPEC Conference for one year, with effect from January 1 2017, and Suhail Mohamed Al Mazrouei, the UAE's Minister of Energy as Alternate President, for the same period.Reuters 
India is a net loser of the OPEC decision to cut crude oil output by 1.2 million barrels a day. India's provisional oil import bill for 2015-2016 was Rs. 4,18,931 crore ($64.4 billion) for importing 202.5 million metric tonnes (mmt) of crude, down from Rs. 6,87,416 crore ($112.74 billion) paid to import 189.43 mmt. In other words, the country saved Rs 2,68,485 crore due to weak crude oil prices.null 
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016.Reuters file A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016.Reuters file
