India’s plan is similar to Australia’s.
Excess crude inventories are easing, with refined fuel stocks taking longer as consumption lags.
Companies of all sizes have been coping with lower oil prices caused by a supply-demand imbalance fueled by the global COVID-19 pandemic.
OPEC, Russia and other allies, a group known as OPEC+, are cutting supply by a record 9.7 million barrels per day (MMbbl/d) from May 1 to offset a slump in prices and demand caused by the coronavirus outbreak.
Energy Ministry ordered companies to cut production by 20%.
Another drawdown in U.S. crude stockpiles in official weekly data to be released on May 20 could support oil prices more, said John Kilduff, a partner at Again Capital Management in New York.
Analysts question whether fossil fuels can fully bounce back from the pandemic setback.