Pradhan reiterated his request of phasing out production cuts and also emphasised that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers and producers and will encourage a consumption-led recovery.
TFM Desk
Minister for Petroleum and Natural Gas and Steel Dharmendra Pradhan on Thursday flagged concerns over the increasing crude oil prices and its impact on consumers as well as on smart economic recovery during a high-level consultation meeting with OPEC secretary general Dr Mohammed Sanusi Barkindo. He emphasised that high crude prices are adding significant inflationary pressure on India.
Both sides discussed recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest, according to PIB.
Pradhan reiterated his request of phasing out production cuts and also emphasised that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers and producers and will encourage a consumption-led recovery.
Pradhan conveyed his deep appreciation to OPEC, Secretary General Dr. Barkindo and key partner countries — Saudi Arabia and the UAE, for their support to India during the second wave of the COVID-19 pandemic, especially with supplies of medicines, ISO containers, LMO and vital petroleum products. He expressed happiness on OPEC’s analysis which shows that India will be the fastest growing emerging market economy in 2021.
India has been expanding technical cooperation, exchange of experts and other collaborations with OPEC since the first High-Level OPEC-India Energy, the PIB release added.