The two automakers GM and Ford are cutting additional production due to the nagging semiconductor shortage. GM, the largest U.S. automaker, said it will extend by two weeks a halt to Chevrolet Blazer SUV production at its Ramos plant in Mexico because of the ongoing chips shortage as it resumes production at other North American plants.

Production cuts extended due to chips shortage

A decision by OPEC+ to continue with an output cut would undermine consumption-led recovery and hurt consumers in oil buying nations, Indian oil minister Dharmendra Pradhan told Reuters on Friday.

India says OPEC+ decision to hit consumption-led recovery, hurt customers

A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge. OPEC and its allied producers said that they would largely roll over production cuts during the month of April.

World Business Watch: Oil prices surge as OPEC and its allies extend production cuts

Global oil prices jumped higher after the organisation of the petroleum exporting nation's OPEC and its allies agreed to extend most oil output cuts into April.

OPEC and its allies extends output cuts into April

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