NEW DELHI: India on Thursday voiced its concern over high international oil prices with oil manufacturers cartel OPEC and nudged it to move to responsible pricing that balances pursuits of both manufacturers and customers.
Oil Minister Dharmendra Pradhan conveyed India's issues when he met ambassadors of OPEC international locations in India, an authentic observation mentioned right here.
"The meeting comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014," it mentioned.
India is 80 according to cent dependent on imports to satisfy its oil needs and 8 of its most sensible suppliers are from the Organisation of Petroleum Exporting Countries (OPEC). The block accounted for roughly 83 according to cent of India's general crude oil imports, 98 according to cent of its LPG imports and 74 according to cent of its LNG imports all over the final financial year ended March 31, 2018.
"During the meeting, Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India," the observation mentioned. "He emphasised that global crude prices have gone beyond the threshold which can be sustained by the world."
Production cuts via OPEC have resulted in international oil prices hitting a four-year high final month that pressured a Rs 3.8 according to litre hike in petrol and Rs 3.38 a litre build up in diesel prices. Rates started to chill in opposition to month end and retail prices have been minimize thereafter.
Pradhan mentioned the marketplace fundamentals don't give a boost to such high prices. He instructed OPEC "to move to responsible pricing, one that balances the interests of both the producer and consumer."
He reiterated the issue of discriminatory pricing thru measures comparable to Asian Premium.
"Minister urged them to move to transparent and flexible markets for both oil and gas," the observation mentioned.
Pradhan is scheduled to seek advice from Vienna subsequent week from June 20-21 to take part in the seventh OPEC International Seminar to further speak about those key issues with OPEC Secretary General Sanusi Barkindo. Ministers from OPEC member international locations can be attending the seminar.
"Met with Ambassadors of #OPEC and discussed India's growing position in the world energy demand & the need for responsible pricing which balances the interests of both the producer & consumer countries. Also suggested to create transparent & flexible markets for both oil and gas," Pradhan tweeted with footage of him standing with Ambassadors of Iran and Venezuela to India.
India, he mentioned, will be a key driver of world power demands in the subsequent 25 years. "The world not only sees India as a leading consumer of energy, they also acknowledge our growing importance in the energy world due to our proactive role in achieving energy security including renewables, alternate fuels and commitment to global initiatives on climate change."
"Expressed India's concern towards global trade practices in the field of oil & gas which are not contributing to universal energy access and affordability. The rising crude prices have gone above the sustainability threshold causing undue hardship for the developing economies," he mentioned in every other tweet.
Stating that he raised the issue of discriminatory pricing comparable to Asian Premium, Pradhan mentioned he "urged the OPEC ambassadors to reconsider these discriminatory measures in the overall interest of all countries and work together for a sustainable future."
Oil Minister Dharmendra Pradhan conveyed India's issues when he met ambassadors of OPEC international locations in India, an authentic observation mentioned right here.
"The meeting comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014," it mentioned.
India is 80 according to cent dependent on imports to satisfy its oil needs and 8 of its most sensible suppliers are from the Organisation of Petroleum Exporting Countries (OPEC). The block accounted for roughly 83 according to cent of India's general crude oil imports, 98 according to cent of its LPG imports and 74 according to cent of its LNG imports all over the final financial year ended March 31, 2018.
"During the meeting, Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India," the observation mentioned. "He emphasised that global crude prices have gone beyond the threshold which can be sustained by the world."
Production cuts via OPEC have resulted in international oil prices hitting a four-year high final month that pressured a Rs 3.8 according to litre hike in petrol and Rs 3.38 a litre build up in diesel prices. Rates started to chill in opposition to month end and retail prices have been minimize thereafter.
Pradhan mentioned the marketplace fundamentals don't give a boost to such high prices. He instructed OPEC "to move to responsible pricing, one that balances the interests of both the producer and consumer."
He reiterated the issue of discriminatory pricing thru measures comparable to Asian Premium.
"Minister urged them to move to transparent and flexible markets for both oil and gas," the observation mentioned.
Pradhan is scheduled to seek advice from Vienna subsequent week from June 20-21 to take part in the seventh OPEC International Seminar to further speak about those key issues with OPEC Secretary General Sanusi Barkindo. Ministers from OPEC member international locations can be attending the seminar.
"Met with Ambassadors of #OPEC and discussed India's growing position in the world energy demand & the need for responsible pricing which balances the interests of both the producer & consumer countries. Also suggested to create transparent & flexible markets for both oil and gas," Pradhan tweeted with footage of him standing with Ambassadors of Iran and Venezuela to India.
India, he mentioned, will be a key driver of world power demands in the subsequent 25 years. "The world not only sees India as a leading consumer of energy, they also acknowledge our growing importance in the energy world due to our proactive role in achieving energy security including renewables, alternate fuels and commitment to global initiatives on climate change."
"Expressed India's concern towards global trade practices in the field of oil & gas which are not contributing to universal energy access and affordability. The rising crude prices have gone above the sustainability threshold causing undue hardship for the developing economies," he mentioned in every other tweet.
Stating that he raised the issue of discriminatory pricing comparable to Asian Premium, Pradhan mentioned he "urged the OPEC ambassadors to reconsider these discriminatory measures in the overall interest of all countries and work together for a sustainable future."
Petroleum minister Dharmendra Pradhan asks OPEC to price oil responsibly
![Petroleum minister Dharmendra Pradhan asks OPEC to price oil responsibly]()
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June 14, 2018
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