STOCK MARKET BSE NSE

Oil minister Dharmendra Pradhan asks OPEC to avoid deeper production cuts 

Opec nations led by Iraq and Saudi Arabia supply more than 80 per cent of India’s oil needs, and any cut in output is likely to push up prices.

Published: 16th October 2019 09:01 AM  |   Last Updated: 16th October 2019 09:01 AM   |  A+A-

Union Minister Dharmendra Pradhan

Oil Minister Dharmendra Pradhan (File Photo | EPS)

By Express News Service

NEW DELHI: Oil minister Dharmendra Pradhan on Tuesday asked the Organisation of the Petroleum Exporting Countries (OPEC) to not go ahead with deeper production cuts, reiterating India’s pitch for reasonable and stable pricing of oil in a meeting with the oil cartel’s Secretary-General, Mohammad Sanusi Barkindo. 

“We hope that in the current geopolitical situation, OPEC does not exercise greater production cuts. We sincerely believe that crude prices should be left to market forces of demand and supply,” Pradhan told reporters after the meeting, adding that India had been a consistent advocate of maintaining an optimal balance for responsible pricing, addressing the interests of both the producer and consumer.

The oil cartel, he said, will meet in December to decide on such matters.

Pradhan also pitched for better commercial terms for crude oil imports, including a reduction in official selling prices, an extension in credit period from the existing 30 days to 90 days from bill of lading, freight discounts and open credit due to the creditworthiness of Indian state-run refineries.

Opec nations led by Iraq and Saudi Arabia supply more than 80 per cent of India’s oil needs, and any cut in output is likely to push up prices.

Pradhan noted that some Opec members such as Abu Dhabi had been very supportive of making up any production shortfall in the aftermath of attacks on Saudi oil facilities.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp