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Hope OPEC will remember consumers when cutting output: Dharmendra Pradhan

Reuters
New Delhi, Delhi, IndiaUpdated: Dec 07, 2018, 05:57 PM IST
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File photo: Petroleum Minister Dharmendra Pradhan. Photograph:(Zee News Network)

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OPEC  agreed to an oil output cut but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction.

Oil Minister Dharmendra Pradhan said on Friday he was hopeful that Organization of the Petroleum Exporting Countries (OPEC) would keep in mind consumers' interests before deciding to cut crude oil production.

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OPEC tentatively agreed to an oil output cut on Thursday but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.