OIL & GAS

OPEC+ decision to hit consumption-led recovery, hurt customers: Pradhan

A decision by OPEC+ to continue with an output cut would undermine consumption-led recovery and hurt consumers in oil buying nations, Indian oil minister Dharmendra Pradhan told Reuters on Friday.

The world’s third biggest oil importer and consumer, India had been urging major producers to ease output cuts and help global economic recovery from the coronavirus pandemic as well as rein in prices.

As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery and more so hurt consumers, especially in our price-sensitive market,” Pradhan told Reuters.

OPEC and its allies agreed on Thursday to extend most oil output cuts into April, offering small exemptions to Russia and Kazakhstan, after deciding that the demand recovery from the coronavirus pandemic was still fragile despite a recent oil price rally.

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