India on Friday strongly pitched for easing cuts in crude oil production saying high oil prices are hurting the consumption-led recovery of several countries including it.
Spokesperson in the Ministry of External Affairs Arindam Bagchi also said that crude supply should be market determined rather than artificially managed. At the same time, he said India has noted announcements by Opec and Opec Plus to effect a slight easing of crude production cuts.
The Opec (Organisation of the Petroleum Exporting Countries) is an influential entity that plays a key role in policy formulations relating to crude production.
The Opec Plus comprises the Opec countries, Russia and several other crude producers.
"India has been appealing to crude oil producing countries - Opec and Opec Plus, since the beginning of the year, to ease crude oil production cuts announced last year, as high crude prices hurt the consumption-led recovery of several countries including India," Bagchi said.
"Crude supply should be market determined rather than artificially managed," he added.
The MEA spokesperson said the Ministry of Petroleum and Natural Gas is reviewing closely the global crude supplies and price situation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU