Petroleum and Natural Gas Minister Dharmendra Pradhan Thursday met the Ambassadors from OPEC countries and expressed concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India.
At a meeting in New Delhi, Mr Padhan emphasized that globally crude prices have gone beyond the threshold which can be sustained by the world. He highlighted that market fundamentals do not support such high prices.
He urged the OPEC Ambassadors to convey the message to their Governments regarding the need to move to responsible pricing. He also urged them to move to transparent and flexible markets for both oil and gas.
An official release said, India has a strong engagement with the OPEC countries and top 8 suppliers of crude oil to India are OPEC Member countries.
The block accounted for about 83 percent of country’s total crude oil imports, during the last financial year. Mr Pradhan is scheduled to visit Vienna next week to participate in the 7th OPEC International Seminar to further discuss these key issues.