PARIS: The International Energy Agency (IEA) on Tuesday said that oil prices are expected to increase from current levels of around $85 a barrel due to the recent decision by Opec+ to reduce production and warned that it could “put a burden” on the Indian economy and consumers.
The agency, which tracks energy markets in major economies, also said it was “legitimate” for India to import crude from Russia and export petrol and diesel to other countries, including Europe. “India is doing this in a transparent way. And India is profiting by importing crude at a lower, discounted price,” IEA executive director Fatih Birol said after meeting commerce and industry minister Piyush Goyal here.
