India pitches for further easing of oil production cuts by OPEC+
India on Friday pushed for further easing of oil production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and 10 more countries, saying high crude prices were affecting consumption-led recovery around the world.
OPEC+, which includes the 10 additional oil exporting countries led by Russia, agreed on Thursday to gradually ease oil output cuts from May in response to the US administration’s call for ensuring that energy remains affordable for consumers.
The group, which comprises 13 major crude producers such as Saudi Arabia, Iraq and Iran, put in place deep cuts after oil prices collapsed in 2020 due to the Covid-19 crisis. The group has now agreed to ease production curbs by 350,000 barrels per day (bpd) in May, 350,000 bpd in June and around 400,000 bpd in July.
