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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.
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The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies, collectively referred to as OPEC+, have decided to gradually ease oil output cuts from May onwards, reports
Hindustan Times.
The group s decision gains significance as it had been pursuing oil output cuts since the collapse of crude prices in the wake of the COVID-19 pandemic. The development reportedly came after the United States (US) administration talked to Saudi Arabian officials and pushed for keeping the energy prices affordable.
The OPEC+ has decided to ease production curbs by 350,000 barrels per day (bpd) in May, another 350,000 bpd in June and a further 400,000 bpd or so in July.
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