High fuel prices: Pradhan asks OPEC to phase out oil production …
(MENAFN – IANS)
New Delhi, June 24 (IANS) Expressing concerns about rising oil prices and its possible impact on consumers, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday urged the OPEC to phase out reductions in oil production implemented by the cartel and other major producers.
During his meeting with OPEC Secretary General Mohammed Sanusi Barkindo, Pradhan said high crude prices add significant inflationary pressure on India, according to an official statement.
The two sides discussed recent developments in the oil market, trends in oil demand recovery, economic growth forecasts and energy challenges to be overcome, among other issues of mutual concern.
Along with his call for phasing out production cuts, he also stressed that crude prices should remain within a reasonable range, which would be in the collective interest of consumers and producers and encourage a consumer-led recovery, according to the press release from the Ministry of Petroleum.
In addition, according to OPEC’s analysis, India will be the fastest growing emerging market economy in 2021. During the consultation, the Minister expressed satisfaction with the assessment of the ‘OPEC.
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