With domestic retail fuel prices jumping to record high on rising international oil rates, India on Thursday pressed oil cartel OPEC for ‘affordable’ oil price within a ‘reasonable band’ and that the producers should phase out production cuts.
OPEC nations such as Saudi Arabia have traditionally been India’s principal oil source. But, OPEC and its allies, called OPEC+, ignoring its call for ease supply curbs had led to the world’s third-biggest oil importer tap newer sources to diversify its crude oil imports.
As a result, OPEC’s share in India’s oil imports has dropped to about 60 per cent in May from 74 per cent in the previous month.
