 "India stands to lose 3,00,000 bpd of crude oil supply from Iran, and 4,00,000 bpd from Venezuela")
Members of oil producer cartel OPEC and allied countries have agreed to leave most of their existing oil production cuts in place as the spread of new coronavirus variants prolongs concerns about economic weakness.
The decision taken Thursday after a virtual meeting pushed the price of crude oil sharply higher in global markets. The US contract spiked 5.6 per cent higher to USD 64.70 a barrel.
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