After India’s protest, OPEC leaves Asia price alone
NEW DELHI: OPEC has left the price for oil for March shipments to Asia, which has four of the world’s top five oil consumers, including India, but raised the rates for the US and Europe.
Oil prices promptly jumped to a year’s high on Friday, closing in on $60 a barrel-mark. At pumps across the country, petrol prices hurtled towards the Rs 100 a litre-mark and diesel scaled new highs as the impact of higher February price for Asia OPEC had announced in January hit home.
India can draw satisfaction over OPEC leaving the Asian price unchanged for March since it indicates the grouping is listening to concerns of oil consumers.
India had reacted sharply to the surprise Saudi offer of an additional production cut on January 5. That move sent oil prices soaring and fuel prices skyrocketing.
On January 19, oil minister Dharmendra Pradhan publicly accused OPEC of “backtracking” on its “commitment”. With OPEC secretary-general Mohammad Barkindo listening, he told an Atlantic Council meeting that such policy contradictions created confusion for consumers.
