India unlikely to be hit by potential Opec+ production cut, say officials

India is not expected to be impacted by a potential cut in oil production by the Opec+ countries, given the existing lower global industrial demand outlook and continuing discounts on Russian crude, officials said.

They said the oil flows to India would remain optimal in the short to mid-term.

Opec+ nations will meet on Thursday to outline policy for the next three months, which is widely expected to hinge on further production cuts. Saudi Arabia is currently implementing production cuts of 1 million barrels per day (bpd) while Russia has instituted a voluntary export cut of 300,000 bpd till the end of the year.