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NEW DELHI (Reuters) - When India’s government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world’s energy maps.
India s Oil Minister Dharmendra Pradhan speaks at a road show organised by the Directorate General of Hydrocarbon (DGH) in Mumbai, India, October 26, 2017. REUTERS/Shailesh Andrade/File Photo
It was a move that had been in the works for years, fuelled by repeated comments from Indian Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a “weapon” for his country.
When India s government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world s energy maps. It was a move that had been in the works for years, fuelled by repeated comments from Oil Minister Dharmendra Pradhan, who in 2015 called oil purchases a weapon for his country. When the Organisation of Oil Exporting Countries and Major Producers (OPEC+) extended the production cuts into April, India unsheathed that weapon. Indian refiners plan to cut imports from the Kingdom by about a quarter in May, sources told Reuters, dropping them to 10.8 million barrels from monthly average of 14.7-14.8 million barrels.
Petrol, diesel prices to come down significantly soon, here s why
Petrol, diesel prices to come down significantly soon, here s why
OPEC will increase oil production by 3.5 million barrels per day in May, 3.5 million barrels per day in June and 4 million barrels in July. File photo
Updated: Apr 2, 2021, 05:04 PM IST
After a continuous increase in the prices of petrol and diesel since the beginning of the year, March saw some cuts. However, those weren t enough to bring relief to the common man s pockets.
Now with the Organization of Oil Exporting Countries (OPEC) and allies agreeing to maintain crude oil production cuts through April, we can hope for petrol and diesel prices to fall.
When India's government last month asked refiners to speed up diversification and reduce dependence on the Middle East - days after OPEC+ said it would maintain production cuts - it sent a message about its clout and foreshadowed changes to the world's energy maps.