India is back on the diplomatic table pushing oil producing countries to raise production in a bid to cool down runaway oil prices. Brent crude oil prices traded above $90 a barrel, on Thursday, for the first time since 2014. Brent is the most popular marker for crude oil trade. It is used as a benchmark for two-thirds of the world’s internationally traded crude oil.
The high prices mean pressure on oil marketing companies to raise domestic auto fuel prices, a move that has been kept in abeyance in light of looming assembly elections in five states.
Earlier this week, Petroleum Minister Hardeep Puri had a telecall with the Sultan Al Jaber, the Managing Director and Group Chief Executive Officer (CEO) of the Abu Dhabi National Oil Company (ADNOC),
