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Oil prices rose more than 2 per cent following a decision by OPEC+ to delay by a month plans to increase output
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The grouping had been due to increase output by 180,000 bpd from December
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The Organisation of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, revealed that they would continue to enforce substantial oil production cuts totalling 5.86 million bpd
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The decision to prolong significant production cuts underscores OPEC+'s commitment to market stabilisation
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Currently, oil prices hover around USD 80 per barrel, a figure insufficient for many Opec+ members to achieve budgetary balance
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The West stopped buying and placed sanctions against Moscow in the wake of Russia's invasion of Ukraine in 2022, India—the third-largest oil importer and consumer in the world—has emerged as the major purchaser of seaborne Russian petroleum
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