India warned that if the prices of crude oil steadily increase, its demand may fall by 10 million barrels per day. This was a major reason for those reasons, after which the Organization of Oil Exporting Countries (OPEC) initiated an increase in production to bring down the cost of crude oil. During the OPEC meeting in Vienna last week, Petroleum Minister Dharmendra Pradhan and officials involved in his team kept consumers in front of this organization of the world’s most powerful oil producing countries.
Top sources associated with the case said that Pradhan and chairman of Indian Oil Corporation (IOC), Sanjeev Singh also presented an informal form about the impact on high price demand. It states that if crude oil prices reach $ 100 per barrel level then by 2025, there will be a reduction of about one million barrels per day in demand.
In OPEC meeting, it was decided to increase production of one million barrels per day. Already 3.2 to 3.3 million barrels per day are being produced. This decision can give some relief to consumers from America to China and India. India is the world’s third largest and fast growing oil consumer.