India again urges Opec+ to boost oil supply amid price concern
NEW DELHI: India has once again urged Opec and its allies to revive halted oil production as the world’s third-biggest consumer expressed “deep concern” over spiraling energy prices.
“High crude prices are adding significant inflationary pressure on India,” oil minister Dharmendra Pradhan told Opec’s top official during a video-conference on Thursday, according to a statement on Twitter. He called for “affordable” supplies, with prices in a “reasonable band,” and repeated a request for Opec+ to boost production.
International oil prices have soared to a two-year high above $75 a barrel as demand bounces back from the pandemic slump. Still, Saudi Arabia has signaled that the producer group will only cautiously restore shuttered output when it meets next week because the market remains fragile.
