High oil prices will throttle recovery, Dharmendra Pradhan tells Opec
NEW DELHI: Oil minister Dharmendra Pradhan on Thursday conveyed to Opec India’s concern over rising crude prices which are hurting economic recovery by creating inflationary pressure by sending fuel prices soaring.
At a meeting with Opec secretary-general Mohammed Sanusi Barkindo, Pradhan reiterated his request for phasing out production cuts imposed by Opec and its ally Russia to prop up prices after they had crashed in 2020 as the pandemic wiped out demand.
According to statements issued by Opec and the oil ministry, Pradhan emphasised that crude prices should remain within a “reasonable” band for “smart” recovery.
