In a statement, OPEC+ said the decision was based on the uncertainty that surrounds the global economic and oil market outlooks.
A sizeable cut now looks on the cards, the question is whether it will be large enough to offset the demand destruction caused by the impending economic downturn.
"Look, we have concerns about the price of oil but we are a USD 2,000 per capita economy. When the price of oil is breaking our back and it's our big concern," Jaishankar said.
Jaishankar said the energy market is under stress due to the Ukraine war and that not just the pricing but the very availability of oil has become an issue.
Calling it an ‘absurd decision’ leading to chaos, Russia warned that countries imposing a price cap would be banned from receiving Russian oil.
The Modi government’s excuse that international crude oil prices are the reason for the increase in fuel prices has once again been proven wrong, remarked Rama Rao.
Stocks on Wall Street bounced back and closed higher, extending the market’s recent winning ways as investors look ahead to several updates from retailers this week.
At the interbank foreign exchange, the rupee opened at 79.15 against the American dollar, then touched 78.94, registering a gain of 46 paise over the last close.
At the interbank foreign exchange, the rupee opened at 79.83 against the US dollar, then fell to 79.88 against the greenback, registering a decline of 10 paise over the last close.
India's forex reserves had dropped for five out of the past six straight weeks, on account of RBI's likely intervention in the market to defend the depreciating rupee.
Russian President Putin warns West of further cut-in oil flow, price rice as consequences of sanctions
EU approved bans on Russian coal and oil to take effect later this year but did not include natural gas because the 27-nation bloc depends on it to power factories, generate electricity and heat home.
Oil prices fell sharply on Tuesday on a strong dollar, demand-sapping COVID-19 curbs in top crude importer China and fears of a global economic slowdown.
High inflation driven by high energy prices and a drop in the US GDP by 1.4% is other worrying signs.
Meanwhile, the depreciating rupee is adding to the woes of the Centre by putting pressure on CAD and fiscal deficit besides triggering inflation.
The reduction in oil prices comes in the wake of Central Government reducing the import duty on edible oils making them cheaper.
Early Wednesday, U.S.benchmark crude oil was up 60 cents at $100.10 per barrel. Brent crude, the international standard, gained $1.24 to $104.01 per barrel.
OPEC, on the other hand, could help lower prices by increasing production, in theory. But that doesn't mean it will, even as Biden has urged the group to do so.
At the interbank foreign exchange, the rupee opened at 78.20 against the American dollar. In initial trade, the local currency witnessed a high of 78.19 and a low of 78.24 against the US dollar.
The fall in the markets from the record high of 18604.45 in October 2021 could have been sharper had domestic institutional investors not been counterparties to Foreign institutional investors' sales.
The impact of inflation has worsened since Russia’s invasion of Ukraine, which has put more pressure on energy and food prices.