India pitches for easing cuts in crude oil production

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New Delhi, Apr 2 (PTI) 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.

'We have 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,' he added. PTI MPB ZMN