Indian oil companies to gain from higher Opec output

After the decision, Brent crude oil prices were seen at $74.11 a barrel, up 1.45% from the previous day

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