Kuwait's acting oil minister has been reported as saying that Opec, the Organisation of Petroleum Exporting Countries, might hold an emergency meeting to discuss boostingoutput.
The latter policy will enable industries to respond to price surges and slumps, boosting and channeling output where demand is up and cutting back where it is falling.
The discoveries and the investment decision will help India's top crude producer arrest a trend of declining output over the past five years as most of its producing fields are ageing, apart from boosting earnings.