India asks OPEC to restore oil supply to calm inflation

Union petroleum minister Dharmendra Pradhan on Thursday asked oil producers’ cartel — Organisation of the Petroleum Exporting Countries (OPEC) — for restoring output to bring down international crude oil prices to a reasonable band, adding that their strategy of production squeeze is stoking inflation and restricting economic recovery of energy importers such as India.

In a consultation meeting with Mohammed Sanusi Barkindo, OPEC secretary general, Pradhan flagged concerns over the increasing crude oil prices and its impact on consumers and emphasised that high crude prices were adding significant inflationary pressure on India, a petroleum ministry spokesperson said.