Dharmendra Pradhan On Opec

Earlier this year New Delhi repeatedly blamed oil output cuts by Saudi Arabia and other major producers for driving up crude prices as its economy tries to recover from the pandemic.

"The price-sensitive Indian consumers are affected by rising petroleum product prices," Oil Minister Dharmendra Pradhan said ahead of a policy-setting meeting of the OPEC

OPEC tentatively agreed to an oil output cut but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

India, which is the world's third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as geopolitics affect the output of some producers.

India today pressed oil cartel Organization of the Petroleum Exporting Countries (OPEC) to adopt "responsible pricing" for oil and consider the world's third-biggest oil consumer as its preferred sales destination.

On the back of lower crude prices, Finance Minister Arun Jaitley had slashed petroleum subsidies in 2015-16 by 50 per cent to Rs 30,000 crore.

Earlier this year New Delhi repeatedly blamed oil output cuts by Saudi Arabia and other major producers for driving up crude prices as its economy tries to recover from the pandemic.

"The price-sensitive Indian consumers are affected by rising petroleum product prices," Oil Minister Dharmendra Pradhan said ahead of a policy-setting meeting of the OPEC

OPEC tentatively agreed to an oil output cut but was waiting for a commitment from non-OPEC producer Russia before deciding on the exact volumes for a production reduction aimed at propping up oil prices.

India, which is the world's third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as geopolitics affect the output of some producers.

India today pressed oil cartel Organization of the Petroleum Exporting Countries (OPEC) to adopt "responsible pricing" for oil and consider the world's third-biggest oil consumer as its preferred sales destination.

On the back of lower crude prices, Finance Minister Arun Jaitley had slashed petroleum subsidies in 2015-16 by 50 per cent to Rs 30,000 crore.