OPEC+ ups output but fuel prices to stay high in India

The Sunday agreement of the Organisation of the Petroleum Exporting Countries and allies (together known as OPEC+) to gradually increase supplies in the market is not enough to meet the growing fuel demand of major global economies, hence it may not immediately lead to any significant reduction in domestic petrol and diesel rates, government officials and industry executives said.

The move by OPEC+ is more to save the producers’ cartel, which appears to be a compromise reached between the two factions – the one that wanted to continue the squeeze for raising oil prices further and the other that pushed for raising output, they said requesting anonymity.