Petrol price hike: India urges oil producers to raise output to cut prices
Stressing the need for “adopting a balanced approach” to allow demand recovery, Union oil and gas minister Dharmendra Pradhan appealed oil producing countries to increase their output which will bring down global crude prices.
The price of Indian basket of crude is currently at $62.9/barrel, up from $50/barrel in mid-December, supported by global demand recovery and voluntary production cuts from major oil exporting nations.
“I am appealing for easing in production cuts by the key oil exporting countries including the OPEC and OPEC plus group,” Pradhan said, adding that “the key producing countries have not only revised the production cuts over and above the previously announced levels, but also added additional voluntary cuts”. The minister was speaking at a symposium organised jointly by the International Energy Agency, International Energy Forum and the Organisation of the Petroleum Exporting Countries. The energy ministers of Saudi Arabia, Mexico and Nigeria were present in the event.
