Shri Dharmendra Pradhan held consultation meeting with OPEC Secretary-General; concern over increasing crude oil prices

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New Delhi: On Thursday, the Minister of Petroleum and Natural Gas and Steel Shri Dharmendra Pradhan held a high-level consultation meeting with OPEC Secretary-General H.E Dr. Mohammed Sanusi Barkindo.

The minister flagged concerns over the increasing crude oil prices and their impact on consumers as well as on smart economic recovery and emphasized that high crude prices are adding significant inflationary pressure on India.

Oil market developments, trends in oil demand recoveries, economic growth forecasts, and overcoming energy challenges among other issues of mutual interest were discussed all during the meeting. Shri Pradhan reiterated his request of phasing out production cuts and also emphasized that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers & producers and will encourage a consumption-led recovery.

Shri Pradhan conveyed his deep appreciation to OPEC, Secretary-General HE Dr. Barkindo, and to key partner countries—Saudi Arabia & the UAE, for their support to India during the second wave of the Covid pandemic, especially with supplies of medicines, ISO containers, LMO and vital petroleum products. He expressed happiness on OPEC’s analysis which shows that India will be the fastest-growing emerging market economy in 2021.

India has been expanding technical cooperation, exchange of experts, and other collaborations with OPEC since the first High-Level OPEC-India Energy.