India is not expected to be impacted by the continuing cut in oil production by Opec-plus countries, given the lower global industrial demand outlook and continuing discounts on Russian crude, officials at the petroleum and natural gas ministry said.
On Thursday, Opec-plus nations agreed to extend two sets of voluntary production cuts, including the ongoing cuts of 2.2 million barrels per day (bpd), to the end of March 2025. "Then the 2.2 million bpd adjustments will be gradually phased out on a monthly basis until the end of September 2026 to support market stability. This monthly increase can be paused or reversed subject to market conditions," the bloc said.
In place since November 2023, these cuts are currently being implemented by eight countries, including Saudi Arabia and Russia.
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