News > OPEC+: India to benefit as global oil prices decline by over USD 4 a barrel

OPEC+: India to benefit as global oil prices decline by over USD 4 a barrel

05/06/2024 06:10 PM | Click to read full article

OPEC+ cartel plans to allow an increase in production this year while an increase in the US crude stockpiles has added to bearish sentiments. The benchmark Brent oil futures for August edged lower to $77.50 while July crude oil futures on WTI were at $73.22. This augurs well for the Indian economy as the country imports around 85% of its crude requirement and any decline in oil prices leads to a reduction in the country's import bill.

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