This means that the OPEC member will now be able to export oil, sending a wave of fear across the already weak markets which have been plagued by an energy supply surplus.
According to Fereidun Fesharaki of FACTS Global Energy, crude prices are unlikely to touch USD 100/bbl until 2030.
On the new exploration licensing policy (NELP) front demand is very anemic and companies outside India don't seem interested in it said Fereidun Fesharaki, Chairman, FACTS Global Energy.