At a critical meeting on Sunday, OPEC+ members are set to accept a large increase in oil production. Although negotiations are still going on over the precise magnitude of the September boost, sources suggest that the group will probably increase output. The decision comes in the wake of growing worries about the world’s oil supply and the possibility of more Russian disruptions. As the world community struggles with the effects of sanctions and geopolitical tensions, such as the continuing war between Russia and Ukraine, this action was taken.
Leaders of OPEC+ have also been keeping a careful eye on developments in Russia, which is still subject to energy and economic sanctions from the West. The Kremlin is seeking alternative consumers for its crude oil due to these sanctions, which aim to limit Russia’s oil exports. Meanwhile, diplomatic pressure has increased as the US has reiterated its demands that India cut back on its imports of Russian oil. Washington’s plan is motivated by its overarching geopolitical goal of economically isolating Moscow while promoting a peaceful settlement of the Ukraine crisis.
India is in a precarious situation as a result of this dynamic. Despite increasing external pressure, India, one of the biggest customers of Russian oil, has continued to buy. Following the European Union’s sanctions on Russia, which compelled certain Indian state refiners to halt their imports of Russian oil, the situation has gotten worse.
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