Minister of Petroleum and Natural Gas Dharmendra Pradhan has expressed disappointment over OPEC decision of Friday to maintain production cuts till April.
“OPEC has brought disappointment for consumer countries in their last two-three meetings. Their decision is not good, especially for consumers in India, Japan, China, and other Asian countries,” Pradhan said.
In its meeting on March 4, Saudi Arabia-led OPEC decided to continue with the production cuts despite India’s vociferous demands over the past few weeks.
As oil-producing countries continue to restrict supply, international crude prices have climbed back up. Combined with the heightened excise duties on petrol and diesel that the central government had imposed last year during a crude price drop, this has led to all-time high retail prices for Indian consumers.
“Russia and Kazakhstan have decided to marginally increase production,” Pradhan added. “We again appeal to producing countries, alternatives will be found if you keep pushing. It is not in either of our interests.”