OPEC output cut decision will impact consumer-led recovery: Dharmendra Pradhan

A decision by OPEC+ to continue with an output cut would undermine a consumption-led recovery and hurt consumers in oil buying nations, Union Minister for Petroleum and Natural Gas and Steel Dharmendra Pradhan said on Friday.

The world’s third-biggest oil importer and consumer, India had been urging major producers to ease output cuts and help global economic recovery from the coronavirus pandemic as well as rein in prices.

“As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery and more so hurt consumers, especially in our price-sensitive market,” Pradhan told Reuters.