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Retail prices of heavily taxed petrol and diesel in the country have touched record highs
India has urged OPEC and allied oil producers to ease production cuts as higher crude prices are hitting fuel demand in Asia s third-largest economy and adding to inflation, its oil minister, Dharmendra Pradhan, said on Wednesday. The price-sensitive Indian consumers are affected by rising petroleum product prices, Pradhan said ahead of a March 4 policy-setting meeting of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+. Oil has been supported in the past few weeks by OPEC+ supply curbs and hopes of a demand rebound due to COVID-19 vaccinations. Benchmark Brent crude rose to $64.72 a barrel at 1237 GMT.
MOSCOW, Jan 6 Saudi Arabia pledged additional, voluntary oil output cuts of one million barrels per day (bpd) in February and March as part of a deal under which most Opec+ producers will hold production steady in the face of new coronavirus lockdowns. Saudi is going beyond its promised cuts as.