Question : Crude Oil Production by OPEC

(a) whether the Government has noticed that the organisation of Petroleum Exporting Countries (OPEC) has agreed to cut output of crude oil recently and if so, the details thereof;
(b) whether some non-OPEC producers have also agreed to cut output of crude oil production and if so, the details thereof;
(c) whether the Government has assessed the likely impact of the said decision on Indian economy as well as on consumers and if so, the details thereof; and
(d) the corrective measures taken by the Government in this regard and also to stablise the price of crude oil in the country?

THE MINISTER OF STATE (INDEPENDENT CHARGE) IN THE MINISTRY OF PETROLEUM AND NATURAL GAS (SHRI DHARMENDRA PRADHAN)
(a) & (b): As per an OPEC press release, in November 2016, OPEC declared a production cut of 1.2 million barrels per day (mpbd) by OPEC members and 0.6 mpbd by non-OPEC countries from 1st January, 2017.
(c) & (d): The crude oil price fluctuation is a frequent market phenomenon. The Government has advised Oil PSUS to formulate policy for import of crude oil in their best commercial interest and as per CVC instructions etc. Government continues to monitor prices of sensitive petroleum products.
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