NEW YORK: Oil prices steadied on Thursday, with Brent edging back from a 13-month high, after a sharp drop in US crude inventories supported prices, w.
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India urges oil producers to ease output cuts as crude prices soar
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NEW DELHI :
New Delhi: Petroleum minister Dharmendra Pradhan on Wednesday urged crude oil-producing nations to do a rethink on ongoing production cuts, at a time petrol and diesel are retailing at record high prices in India. The rising oil prices during the last few weeks are now threatening a fragile global economic recovery, Pradhan said.
The Indian basket of crude, which comprises Oman, Dubai and Brent crude, was at $62.64 a barrel on 16 February. Global crude prices have been rallying after the Organization of the Petroleum Exporting Countries (Opec)-plus grouping decided to continue with supply curbs. This has impacted India, the world’s third-largest oil importer, as Opec makes up for about 40% of global output and 83% of the country’s oil imports.