India urges against more output cuts; Opec won’t let slump recur
NEW DELHI: The Organisation of Petroleum Exporting Countries (Opec) vowed on Tuesday not to permit a relapse of the oil market downturn while key consumer India urged it to resist deepening production cut.
“We are determined not to allow a relapse of the downturn that we just navigated out of. We will do whatever is possible within the powers to ensure this relative stability is sustained beyond 2020,” Opec secretary general Mohammad Sanusi Barkindo told an industry conference.
Oil prices were trading around $59 a barrel on Tuesday, down about $10 from a month ago when a drone attack on a Saudi facility had briefly pushed prices above $70. Prices have since mostly traded around $60 as Saudi production has returned to normal and concerns have risen about global economic growth and oil demand.
