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

OPEC had decided to increase oil production by 1 million barrels by day in its meeting last week.



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

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:

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