OIL & GAS

Pradhan congratulates OPEC for production cuts, calls for responsible steps to revive economy

Oil Minister Dharmendra Pradhan has congratulated OPEC for production cuts that helped pull up global oil rates from a two-decade low and pitched for the oil cartel taking responsible steps in the coming days to enable the revival of the fragile economic situation globally.

Pradhan held a discussion through video conference with Mohammed Barkindo, Secretary-General, Organization of the Petroleum Exporting Countries (OPEC).

“#HEPradhan congratulated OPEC on the agreement reached at the April meetings which have helped in assisting the recovery from the unparalleled market collapse,” the OPEC Secretariat tweeted.

The Ministry of Petroleum and Natural Gas retweeted that and other tweets by OPEC Secretariat on the meeting.

Members of OPEC and their allies, including Russia and Mexico, had in April agreed to cut production by 9.7 million barrels a day in May and June, the deepest cut ever agreed to by the world”s oil producers. The production cuts helped oil prices bounce back from low USD 20s, which was used by India to stock up its strategic reserves.

Saudi Arabia and Russia have further agreed to extend record oil-production cuts through July.

Source
Outlook
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