International oil prices rose after OPEC and its allies ignored India’s plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year.
Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to USD 67.44 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand.
India’s Oil Minister Dharmendra Pradhan had in the run-up to Thursday’s OPEC meeting urged the producers’ group to ease production curbs to fulfil their promise of stable oil prices.
