The Hindustan Petroleum Corp. logo is displayed at a gas station in New Delhi, India. (Photographer: Prashanth Vishwanathan/Bloomberg)

OPEC Decision To Hike Output Will Not Affect Marketing Margins, HPCL Says

State-run Hindustan Petroleum Corporation Ltd. does not expect any significant variation in gross marketing margins after the OPEC and its allies agreed on an oil-production increase.

The Organization of Petroleum Exporting Countries agreed on a “nominal” production increase of 1 million barrels a day, Saudi Energy Minister Khalid Al-Falih told reporters in Vienna on Friday. In real terms, that would add 600,000 to 700,000 barrels a day of crude to the market over about six months, said Oman’s Oil Minister Mohammed Al Rumhy.

Watch the full interaction with HPCL Director-Finance J Ramaswamy here:

Also read: Global Oil Benchmarks Clash in Aftermath of Ambiguous OPEC Pact