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