India, the world\u2019s third-largest oil consumer, expects a \u201cresponsible\u201d approach from its suppliers as speculation mounts over whether OPEC and its allies will reach a deal to boost output at a meeting in Vienna this week.<\/p>\n
India welcomes a proposal made by top producers Saudi Arabia and Russia to gradually ease the group\u2019s supply curbs after prices rose to hit $80 a barrel last month, the South Asian nation\u2019s oil minister, Dharmendra Pradhan, said in an interview at the Austrian capital. The Organization of the Petroleum Exporting Countries is heading into a contentious meeting on Friday, with Iran promising to block any decision to increase output.<\/p>\n
\u201cHigh prices are pinching our economy, pinching our country,\u201d Pradhan said. \u201cI think our supplying friends have taken notice of that.\u201d India believes that $55 to $60 a barrel is a reasonable price level for now, he said. Brent crude, the benchmark for more than half the world\u2019s oil, was trading near $75 a barrel on Wednesday.<\/p>\n
India and China are considering teaming up to buy U.S. supplies and counter OPEC\u2019s dominance in the world\u2019s biggest oil market. The two nations want to put pressure on the producer group to keep prices under control, an Indian government official said earlier this month.<\/p>\n
Separately, the South Asian country also plans to seek exemptions to continue Iranian oil imports and make payments for purchases after America decided to reimpose sanctions on the Islamic Republic.<\/p>\n
Pradhan didn\u2019t say if India plans cuts in Iranian purchases. The nation, which relies on imports for almost 80 per cent of its oil needs, is diversified in terms of supplies, with cargoes coming from the Middle East, Latin America and the U.S., he said.<\/p>\n
\u201cDue to our relationship with different stakeholders, we\u2019re confident we don\u2019t have to face any situation of scarcity,\u201d Pradhan said.<\/p>\n","protected":false},"excerpt":{"rendered":"
India, the world\u2019s third-largest oil consumer, expects a \u201cresponsible\u201d approach from its suppliers as speculation mounts over whether OPEC and its allies will reach a deal to boost output at a meeting in Vienna this week. India welcomes a proposal made by top producers Saudi Arabia and Russia to gradually ease the group\u2019s supply curbs after prices rose to hit $80 a barrel last month, the South Asian nation\u2019s oil minister, Dharmendra Pradhan, said in an interview at the Austrian capital. The Organization of the Petroleum Exporting Countries is heading into a contentious meeting on Friday, with Iran promising to […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-166364","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/166364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=166364"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/166364\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=166364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=166364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=166364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}