US resumes calls to Saudi as OPEC+ debates increase or rollover dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
Oil rises as OPEC+ decides on production policy oilandgas360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilandgas360.com Daily Mail and Mail on Sunday newspapers.
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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.
The group, which has been implementing deep cuts since oil prices collapsed in 2020 due to the coronavirus crisis, agreed to ease production cuts by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and further 400,000 bpd or so in July