$60 a barrel ideal oil price for India as it will bring investments: HPCL

The decision by Opec came after major consumers like the United States, China and India urged the oil producing lobby to raise the supply of crude oil to avert an oil deficit

On a day the Organization of the Petroleum Exporting Countries (Opec) and its allies declared a modest increase in production, state-run Hindustan Petroleum Corporation (HPCL) indicated on Saturday though the move would stabilise prices, India as a consumer would like to see a further rise in supply to the market.
 
M K Surana, chairman and managing director, HPCL, told Business Standard that $60 a barrel would be the ideal crude oil price for India as it would bring investments to the upstream sector. “For India, it will be good to have a lower price regime. The current move will