India says OPEC+ decision to extend oil output cuts will hit economic recovery

India, the world’s third-biggest oil importer and consumer, on Friday said the decision by major producers to extend output cuts as prices move higher could threaten the consumption led-recovery in some countries.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on Thursday not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.

Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months in reaction to the decision.