News Karnataka
Tuesday, December 06 2022

High fuel prices: Pradhan asks OPEC to phase out oil output cuts

Photo Credit :

New Delhi: Raising concerns over increasing oil prices and its eventual impact on consumers, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday urged OPEC to phase out oil production cuts implemented by the cartel and other major producers.

During his meeting with OPEC Secretary General Mohammed Sanusi Barkindo, Pradhan said that high crude prices are adding significant inflationary pressure on India, said an official statement.

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

Along with his request of phasing out production cuts, he also emphasised that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers and producers and would encourage a consumption-led recovery, the Petroleum Ministry statement said.

Further, as per OPEC’s analysis India will be the fastest growing emerging market economy in 2021. During the consultation, the Minister expressed happiness on OPEC’s assessment.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp