{"id":403393,"date":"2021-03-06T10:42:00","date_gmt":"2021-03-06T05:12:00","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=403393"},"modified":"2021-03-06T11:49:13","modified_gmt":"2021-03-06T06:19:13","slug":"oil-guzzler-india-says-opec-decision-to-hit-economic-recovery","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-guzzler-india-says-opec-decision-to-hit-economic-recovery\/","title":{"rendered":"Oil guzzler India says OPEC+ decision to hit economic recovery"},"content":{"rendered":"<p>India, the world&#8217;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.<\/p>\n<p>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.<\/p>\n<p>Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months in reaction to the decision.<\/p>\n<p>&#8220;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,&#8221; Minister for Petroleum and Natural Gas Dharmendra Pradhan told Reuters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India, the world&#8217;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. &#8220;As one of the largest crude-consuming countries, India is concerned [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,191,136],"tags":[],"class_list":["post-403393","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-economic-times","category-the-economic-times"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/403393","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=403393"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/403393\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=403393"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=403393"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=403393"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}