A lot of important statements are coming ahead of the Organisation of the Petroleum Exporting Countries (OPEC) and allies meeting today, which suggests that the first quarter surplus which they had earlier put to at around 1.8 million is now cut down by 25 percent to 1.4 million. They also have cut the 2022 surplus to 1.4 from 1.7, which means the markets are anticipating higher better demand growth and lower surplus in this year, and that has been supportive for crude price.

OPEC also said that the overall average for Organisation for Economic Co-operation and Development (OECD) stocks will also stay below average until the final quarter of this year.

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So every statement, every data is supportive of crude prices. USD 79 per barrel is holding for the Brent prices ahead of the OPEC meeting that starts in Vienna at 2 pm India time.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.