Along with expanding capacity, IOC will install catalytic dewaxing and polypropylene units at its Panipat refinery in northern Punjab state.
IOC said expansion of the refinery would raise production of petrochemicals and value-added specialty products to improve its margins and help "de-risk the conventional fuel business of the company".
Saudi Arabia is expected to announce its plans when a coalition of oil producers meets next month, according to the WSJ report, adding that the output rise won't kick in until April.
The IEA said it had left its 2021 global oil demand forecast unchanged, at 96.4 million barrels per day (mbd), which represents a gain of 5.4 mbd over 2020.
Iran called for action and "not just words" shortly after Joe Biden was sworn in as president on Wednesday. Biden has said Washington will rejoin the nuclear deal if Iran resumes strict compliance.
In my personal opinion, we should define our relationship with the United States.
The blocks at Brazil's most productive oil region known as the pre-salt received no bids when first tendered by the government at the so-called "transfer of rights" auction in 2019.
Producers are grappling with huge uncertainty about where this goes from here.
"That's not just in terms of economic recovery but indicators we wouldn't necessarily normally be looking at: (such as the) levels of trust in different countries about vaccines."