The revised more pessimistic outlook is likely to see crude oil prices trend lower than their current levels. In fact, brent crude has already slipped below $40 a barrel on Monday, trading at $39.76 p
He also suggested that 50 per cent seats should be reserved for students from Odisha and the balance be allowed for admission from across the country based on the PCME marks.
OPEC said the teleconference was held at the initiative of Mohamed Arkab, energy minister of Algeria, which currently holds OPEC's presidency.
The OPEC+ group of major producers last week agreed record production cuts of 9.7 million bpd to prop up prices that had shed more than 60 percent as the COVID illness shut down businesses worldwide.
'Government may increase excise duty to make up for shortfall in revenue due to Covid-19 lockdown. Lower fuel prices are unlikely in a substantial manner,' said an expert.
The only detail to have been confirmed so far is that 9.7 million barrels per day will be cut by Opec oil producers and allies.
According to oil market analysts, this should help crude oil prices gain some value while reducing the strain on already overloaded global oil storage facilities.
Russia refused to agree to a proposal by OPEC ministers led by Saudi Arabia for a drastic cut of 1.5 million barrels per day with Russian oil companies fearing loss of market share.
The extraordinary two-day meeting will see OPEC, led by Saudi Arabi discuss how to halt the sharp fall in oil prices in the past two months as the epidemic has spread.
The United States from Nov. 4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut their purchases.
At the meeting of the Organisation of Petroleum Exporting Countries (OPEC) in Vienna last week, Oil Minister Dharmendra Pradhan and his team of officials presented the consumer side to the producers.
The Organization of Petroleum Exporting Countries (OPEC) last week agreed to boost oil production after consumers from the US to India and China expressed anxiety over rising prices.
US President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters.
With this India, the world's third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy American crude after production cuts by OPEC.
At the end of November, the Organization of Petroleum Exporting Countries agreed to cut output by 1.2 million barrels per day (bpd) from January 1, initially for a period of six months.