Commodities

Rising crude a significant inflationary pressure on India: Pradhan to OPEC

Our Bureau New Delhi | Updated on June 24, 2021

OPEC’s continued production cuts have driven Brent crude prices upwards of $75 per barrel

Minister of Petroleum and Natural Gas Dharmendra Pradhan flagged India’s concerns over the increasing crude oil prices in a meeting with Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Sanusi Barkindo on Thursday.

Both sides discussed the recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest, an official release said.

Pradhan reiterated his request of phasing out production cuts and also emphasised that crude prices should remain within a reasonable band, in the collective interests of both consumers and producers, it added.

OPEC’s continued production cuts have driven Brent crude prices upwards of $75 per barrel. Combined with steep excise duties, this has pushed up the retail prices of diesel and petrol and the inflation in the economy.

Saudi Arabia’s Energy Minister Abdulaziz bin Salman on Wednesday signalled an easing in OPEC’s stance. “We have also a role in taming and containing inflation by making sure that this market doesn't get out of hand,” he said.

Published on June 24, 2021

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