STATE TIMES NEWS
New Delhi: 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.