India Warns That OPEC+ Oil Supply Cuts Could Have Unintended Consequences

The supply-side management of the oil market from OPEC+ in recent months could lead to demand destruction as fragile economies may not be able to bear with high oil prices much longer, Hardeep Singh Puri, the oil minister of the world’s third-largest crude oil importer, India, has told Argus in an interview. It is the right of the OPEC+ producers to decide how much oil they would pump, but they should not be “unmindful of the consequences,” the minister said. “And it can become a self-fulfilling prophecy, that the demand…