India, the world’ third largest oil importer on Thursday flagged its concerns over the increasing global crude oil prices and its impact on consuming nations with Organization of the Petroleum Exporting Countries (Opec).
India’ concern was articulated by petroleum and natural gas minister Dharmendra Pradhan during his meeting with Opec’ Secretary General Mohammed Sanusi Barkindo wherein reiterated his request of phasing out production cuts.
This assumes importance that the Opec grouping accounts for a major part of India’s crude oil imports and around 40% of global production. The Opec-plus arrangement comprising of 23 countries including Russia and allies have cut production, resulting in a global rally in crude oil prices.
India is witnessing an upward trajectory of transportation fuel prices, with diesel and petrol prices having already breached the ₹100 mark in several parts of India.