India calls for easing crude oil production cuts

at 10:34 pm
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New Delhi (NVI): India today called for a market determined price and supply of crude oil, saying that it 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.

“High crude prices hurt the consumption-led recovery of several countries including India,” Ministry of External Affairs (MEA) spokesman Arindam Bagchi said, while addressing weekly media briefing here.

“Crude supply should be market determined rather than artificially managed,” he said, adding that the Ministry of Petroleum and Natural Gas is reviewing closely the global crude supplies and price situation.

The MEA spokesman further noted that OPEC and OPEC Plus have announced last week a slight easing of crude production cuts. He, however, said that it is still far below the originally announced schedule of cuts.

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 countries 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.