Oil prices very challenging: India to OPEC
Ahead of a meeting of oil producers’ cartel OPEC, India on Tuesday said the current oil prices are “very challenging” and rates need to be a “little bit sober” lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a pricesensitive market and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India. Fuel rates are at record highs across the country and petrol has crossed ~100 a litre mark in about a dozen states and union territories, while diesel is being sold at over ~100 a litre in Rajasthan and Odisha.
“Today's price is a very challenging one,” Pradhan said at BNEF Summit. “I am persuading my producer friends” for a reasonable price of oil. He said he had a very good discussion with OPEC Secretary-general Mo ham med bark in do last week .“op ec meeting is supposed to be there in the next few days, and I hope the price will be a little bit sober, that is our expectation,” he said.