OPEC+ to cut output by 100,000 bpd in October
In a move that was anticipated by many industry experts,
OPEC+, the alliance of Organization of Petroleum Exporting Countries
and other major oil exporters such as Russia have decided to reduce their output
by 100 thousand barrels per day
India is the third-largest oil consumer in world and as such any rise or fall of Brent
Crude prices will have an impact on current account deficit
Every $1 per barrel increase results into a USD 1 billion hike for Indian economy
due to increased demand from higher priced crude oils
The country meets 85%+ its needs through imports
however with recent hikes we are seeing more expensive international grades