March 05, 2021
Minister of Petroleum & Natural Gas, Dharmendra Pradhan - The Hindu× Minister of Petroleum and Natural Gas Dharmendra Pradhan has expressed disappointment over OPEC decision of Friday to maintain production cuts till April.
“OPEC has brought disappointment for consumer countries in their last two-three meetings. Their decision is not good, especially for consumers in India, Japan, China, and other Asian countries,” Pradhan said.
In its meeting on March 4, Saudi Arabia-led OPEC decided to continue with the production cuts despite India’s vociferous demands over the past few weeks.
As oil-producing countries continue to restrict supply, international crude prices have climbed back up. Combined with the heightened excise duties on petrol and diesel that the central government had imposed last year during a crude price drop, this has led to all-time high retail prices for Indian consumers.
Retail consumers in India continued to buy up physical gold this week as prices retreated to a near one-year low, while lower rates also injected fresh activity in other hubs, especially Singapore.
India, the world's third-biggest oil importer and consumer, on Friday said the decision by major producers to extend output cuts as prices move higher could threaten the consumption led-recovery in some countries.
Oil prices rise as OPEC keeps output unchanged, Saudi asks India to use cheap stock bought in 2020 scroll.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scroll.in Daily Mail and Mail on Sunday newspapers.
India, the world’s third-biggest oil importer and consumer, on Friday said the decision by major producers to continue with output cuts as prices move higher could threaten the consumption led-recovery in some countries. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on Thursday not to increase .