India says ‘we expect more’ as OPEC+ agrees to ease oil output cuts slightly

The ministry of external affairs on Friday said that the country expected further relaxation in oil output cuts a day after the Organization of the Petroleum Exporting Countries, Russia, and their allies, a group known as OPEC+, agreed to gradually ease its output cuts from May.

“India has been appealing to OPEC and OPEC+ to ease crude oil production cuts that were announced last year. We believe crude supply should be market-determined rather than artificially managed. OPEC & OPEC+ have announced slight easing off last week but we expect more,” MEA spokesperson Arindam Bagchi was quoted as saying by news agency ANI.

Bagchi’s statement comes in the backdrop of the easing of production curbs announcement by OPEC+, which has been implementing deep cuts following the oil price collapse triggered by the coronavirus pandemic since last year.