Further output cut by Opec+ may not affect India's oil supply: Officials

Officials said that temporary fluctuations in oil price as a result of soaring logistics costs and piracy risks may affect Indian oil supplies more

India’s oil supply is unlikely to be affected by the decision of Opec+ -- comprising members of the Organization of the Petroleum Exporting Countries and other leading producers -- to extend output cuts, according to officials at the Ministry of Petroleum and Natural Gas. This is due to the emerging lower global industrial demand outlook and the ongoing discounts on Russian crude.

Opec+ members on Sunday agreed to extend two sets of voluntary production cuts. The grouping extended total production cuts of 5.86 million barrels per day (bpd), or 5.7per cent of global oil demand.

This includes a headline production