New Delhi: India has once again urged OPEC And its allies expressed “deep concern” over rising energy prices as the world’s third-largest consumer seeks to revive stalled oil production.
“High crude oil prices exerting significant inflationary pressure on India,” Oil Minister Dharmendra Prime Told the top OPEC official during a video-conference on Thursday, according to a statement on Twitter. He called for “fair” supply, with prices in the “reasonable band”, and reiterated a request for OPEC+ to boost production.
International oil prices have climbed to a two-year high of $75 a barrel as demand bounced back from a slowdown. still, Saudi Arab The U.S. has indicated that the producer group will cautiously resume closed production only when it meets next week as markets remain fragile.
For India, the current pressures are particularly intense. As the local currency has depreciated steadily against the US dollar in recent years, the price of oil is increasingly approaching Rs 5,550 a barrel – just 10% lower than during the market frenzy of 2007-08. The country’s financial capital Mumbai saw a record drop in petrol prices last month, though most of the jump was due to tax hikes.
This is not the first time this year that India has expressed concern over OPEC’s production policy. OPEC+ continues to hold off large amounts of crude oil production after a production slump a year ago when the pandemic slashed demand.
In January, there was a clear rift when Pradhan told OPEC Secretary General Mohamed Barkindo at a public conference that the group’s policy was “causing confusion for consuming countries.”
Tensions also escalated between the country and OPEC leader Saudi Arabia in March, when the kingdom turned down its pleas to open the tap, and instead asked New Delhi to use fuel, which was cheaper during last year’s crash. I was broken. India responded by expediting plans to explore alternative energy sources.
how far Organization of the Petroleum Exporting Countries And whether its partners will go to the meeting on July 1 keeping in mind the needs of consumers is not clear.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday that his cautious stance does not rule out action, and acknowledged that OPEC+ has a role in “controlling and controlling” inflation. Still, many analysts predict that any increase in supply will fall far short of what the market needs.
“High crude oil prices exerting significant inflationary pressure on India,” Oil Minister Dharmendra Prime Told the top OPEC official during a video-conference on Thursday, according to a statement on Twitter. He called for “fair” supply, with prices in the “reasonable band”, and reiterated a request for OPEC+ to boost production.
International oil prices have climbed to a two-year high of $75 a barrel as demand bounced back from a slowdown. still, Saudi Arab The U.S. has indicated that the producer group will cautiously resume closed production only when it meets next week as markets remain fragile.
For India, the current pressures are particularly intense. As the local currency has depreciated steadily against the US dollar in recent years, the price of oil is increasingly approaching Rs 5,550 a barrel – just 10% lower than during the market frenzy of 2007-08. The country’s financial capital Mumbai saw a record drop in petrol prices last month, though most of the jump was due to tax hikes.
This is not the first time this year that India has expressed concern over OPEC’s production policy. OPEC+ continues to hold off large amounts of crude oil production after a production slump a year ago when the pandemic slashed demand.
In January, there was a clear rift when Pradhan told OPEC Secretary General Mohamed Barkindo at a public conference that the group’s policy was “causing confusion for consuming countries.”
Tensions also escalated between the country and OPEC leader Saudi Arabia in March, when the kingdom turned down its pleas to open the tap, and instead asked New Delhi to use fuel, which was cheaper during last year’s crash. I was broken. India responded by expediting plans to explore alternative energy sources.
how far Organization of the Petroleum Exporting Countries And whether its partners will go to the meeting on July 1 keeping in mind the needs of consumers is not clear.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said on Wednesday that his cautious stance does not rule out action, and acknowledged that OPEC+ has a role in “controlling and controlling” inflation. Still, many analysts predict that any increase in supply will fall far short of what the market needs.
.