IOC says OPEC output cut won’t hit imports

IOC says OPEC output cut won’t hit imports

Indian Oil Corp expects no impact of the extension of OPEC’s output cuts till March 2018 on its imports, chairman B Ashok said on Thursday.

On Thursday, the Organization of the Petroleum Exporting Countries (OPEC) members decided in Vienna to extend cuts in oil output by nine months to March 2018, which may help oil prices to stay above $50 a barrel this year and bolster government finances.

“We haven’t had any impact of the OPEC production cut. We are confident that the extension of the production cut will not impact our procurements,” Ashok said. Read more

Credits:hindustantimes.com

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