Raising concerns over increasing oil prices and its eventual impact on consumers, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday urged OPEC to phase out oil production cuts implemented by the cartel and other major producers.
During his meeting with OPEC Secretary General Mohammed Sanusi Barkindo, Pradhan said that high crude prices are adding significant inflationary pressure on India, said an official statement.
Both sides discussed recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest.
Along with his request of phasing out production cuts, he also emphasised that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers and producers and would encourage a consumption-led recovery, the Petroleum Ministry statement said.
Further, as per OPEC’s analysis India will be the fastest growing emerging market economy in 2021. During the consultation, the Minister expressed happiness on OPEC’s assessment.