Mumbai: North Block’s money managers have a burning problem to deal with besides tepid growth — of likely higher oil import bills.
Oil traders on the US-based commodities exchange ICE believe Brent crude will test the 67 dollar per barrel mark in the short term, with Opec and its Russian partner deciding to reduce output by 0.5 million barrels to offset price declines caused by booming US production. Total cuts through March 2020 would be 1.7 mbpd, Opec said on Friday.
