NEW DELHI: As pump prices at home go through the roof, oil minister Dharmendra Pradhan on Thursday accused OPEC of setting oil on fire by \u201cbacktracking\u201d on its \u201ccommitments\u201d made when crude had crashed and demand evaporated in the April-May period as Covid-19 brought the world to a halt.
\n\u201cThey had gone for some production cut. There was a huge slide in price. As a consumer we supported them at that time. On this point, for a longer period of a positive cycle you have to have balance and reasonable price. In that plan they assured something on which they have backtracked recently,\u201d Pradhan told Bloomberg TV.
\nPradhan has reason to feel he\u2019s been left holding the baby. India and Saudi Arabia \u2013 representing the high table of consuming and producing countries \u2013 had come together to garner G-20 backing on April 10, 2020 for the deepest-ever production cut to rebalance an oil market ravaged by vanishing demand and crashing prices. The underlying theme was to work towards a \u201cfair\u201d market.
\nBut OPEC lynchpin Saudi Arabia\u2019s surprise offer to trim output by an additional million barrels a day, against an anticipated increase, has dashed such hope by pushing up oil prices.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: As pump prices at home go through the roof, oil minister Dharmendra Pradhan on Thursday accused OPEC of setting oil on fire by \u201cbacktracking\u201d on its \u201ccommitments\u201d made when crude had crashed and demand evaporated in the April-May period as Covid-19 brought the world to a halt. \u201cThey had gone for some production cut. There was a huge slide in price. As a consumer we supported them at that time. On this point, for a longer period of a positive cycle you have to have balance and reasonable price. In that plan they assured something on which they […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-396796","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/396796","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=396796"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/396796\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=396796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=396796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=396796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}