India again urges OPEC to phase out oil output cuts

Indian Oil Minister Dharmendra Pradhan on Thursday again urged the Organisation of the Petroleum Exporting Countries (OPEC) to phase out crude output cuts as high prices are stoking inflation.

India, the world's third biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs.

In a series of tweets after a virtual meeting with OPEC Secretary General Mohammad Sanusi Barkindo, Pradhan said oil prices should remain within a reasonable band to encourage a consumption-led recovery from the coronavirus pandemic.