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    India pitches for easing cuts in crude oil production

    Published on April 3, 2021

    India on Friday pressed for easing cuts in crude oil production saying high oil prices are hurting the consumption-led recovery of several countries. External Affairs Ministry Spokesperson, Arindam Bagchi told media in New Delhi that the crude oil supply should be market determined rather than artificially managed. He said, New Delhi has noted that OPEC and OPEC Plus have announced last week a slight easing of crude production cuts, even though it is still far below the originally announced schedule of cuts.

     
    The Organization of the Petroleum Exporting Countries (OPEC) plays a key role in policy formulations relating to crude production. The OPEC Plus comprises the OPEC countries, Russia and several other crude producers.