Extension of production cuts by Opec+ won't impact India: Govt officials

Quick Summary:

Member countries accounted for an estimated 44 per cent of global oil production and 81.5 per cent of the world’s ‘proven’ oil reserves as of 2018.

Subdued global oil demand growth and expected production increases from non-Opec-plus sources are cited as reasons for this decline.

But officials played down the development."The latest announcement is a continuation of existing production cuts.

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Article Details

Category: BusinessFinance

Markets: IndiaIraqSaudi ArabiaVenezuela

Topics: OPEC Oil production OPEC oil deal Opec+ Opec oil

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-05 @ 21:14:42 (2 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 577 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 24 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 24143651

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