India pitches for easing cuts in crude oil production

India on Friday, April 2, 2021, pressed for easing cuts in crude oil production saying high oil prices are hurting the consumption-led recovery of several countries including it. External Affairs Ministry Spokesperson, Arindam Bagchi told the media in New Delhi that the crude oil supply should be market-determined rather than artificially managed.

He said, New Delhi has noted that OPEC and OPEC Plus have announced last week a slight easing of crude production cuts, even though it is still far below the originally announced schedule of cuts.

Bagchi said, "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."

The MEA spokesperson said the Ministry of Petroleum and Natural Gas is reviewing closely the global crude supplies and price situation.

The Organization of the Petroleum Exporting Countries (OPEC) plays a key role in policy formulations relating to crude production. The OPEC Plus comprises the OPEC countries, Russia and several other crude producers.