Discussions were ongoing for an oil production cut as the industry was running out of storage space and the world's top oil producers last week managed to reach a conclusion to cut production. Analysts fear the agreement of Organisation of Petroleum Exporting Countries (OPEC) on oil production will spike up oil prices. In conversation with CNBC-TV18, B Ashok, Chairman of IOC, does not agree with their opinion and says there is no threat of oil prices shoaring up. He said it will be range-bound and stay near USD 50 per barrel. On margin impact, Ashok notes they are guided by the international prices of petroleum products and crude. In fact, there could be inventory gains if crude moves higher.
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