International Energy Agency (IEA) executive director Fatih Birol predicted that India’s oil import bill is likely to increase in the second half of the year following the decision to cut in oil production by Saudi Arabia, Russia and other Organisation of the Petroleum Exporting Countries (OPEC).
“Saudi Arabia, Russia and others- the OPEC plus producers decided to cut the oil production. And when we look at the International Energy Agency’s analysis and the analysis of almost every serious institution looking at the oil markets, the second half of this year markets would be all very tight,” Birol said.
The IEA executive director said India is an energy importer country and the majority of oil consumed in the country is imported.
