India was “very confident” of navigating a planned output cut by the oil producers’ cartel, Opec Plus, Petroleum and Natural Gas Minister Hardeep Singh Puri has said. His remarks, made to the press in Washington DC, where he is on a visit, comes two days after oil cartel Opec Plus, a group led by Saudi Arabia and involving Russia, announced that it would cut production by 2 million barrels per day or 2% of global supply.
“How will this impact India ? We are very confident of being able to navigate through the situation,” Mr. Puri said, adding that when prices go up, energy security and affordability were major concerns, but suggesting that India had been able to manage spikes in energy prices earlier.
On the decision of the OPEC Plus oil cartel to cut production, the minister said that all decisions have intended and unintended consequences and it remained to be seen how this would play out.
