 "An agreement was in doubt after Iranian Oil Minister Bijan Namdar Zanganeh (left) walked out of a meeting on Thursday evening, predicting that Opec wouldn’t be able to convince him to back an increase. Photo: Reuters")
In a step that is beneficial to India, the Organization of Petroleum Exporting Countries (Opec) decided to raise its output at a meeting held in Vienna on Friday.
Though the producer group did not specify the increase, it may be in the range of 1 million barrels per day (bpd), or 1 per cent of the global supply.
According to media reports, the supply increase is likely to fall in the range of 600,000-800,000 bpd because only some producers like Saudi Arabia and the United Arab Emirates will be able to raise output further.
The increase in production happened after consumers like the
