India Requests Oil Producers
- 30-Jun-2021
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Indian requests International Oil Platform OPEC to reconsider oil Prices but not ready to cut fuel price in domestic side.
It is learned Oil Minister Dharmendra Pradhan urged OPEC to phase out its production cuts. He said India is a price-sensitive market and it will buy oil wherever it gets competitive rates.
The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.
Fuel rates are at record highs across the country and petrol has crossed Rs 100 a litre mark in about a dozen states and union territories, while diesel is being sold at over Rs 100 a litre in Rajasthan and Odisha.
He said he had a very good discussion with OPEC Secretary-General Mohammed Barkindo last week.
OPEC meeting is supposed to be there in the next few days, and India hopes the price will be a little bit sober.
OPEC, Russia and several other allies in a production accord are set to meet on July 1 to decide on output quotas for August and possibly beyond. Expectations are high that the alliance may agree to raise production by 500,000 to 700,000 barrels per day, short of the expected deficit between global oil demand and supply.
