India tells OPEC it must be sensitive to needs of oil consuming nations

livemint.com:

New Delhi: With oil prices on the boil, union petroleum and natural gas minister Hardeep Singh Puri has asked the Organisation of the Petroleum Exporting Countries (OPEC) to be sensitive to the needs of oil-consuming nations and curb output cuts. Taking to X, formerly Twitter, Puri said he discussed the global energy scenario during his meeting with OPEC secretary general Haitham Al Ghais on Tuesday. "Discussed the global energy scenario in my meeting with OPEC SG, HE #HaithamAlGhais.

India imports about 60% of its crude oil worth $101 billion & other petroleum products from OPEC members. I highlighted how ensuring access to affordable energy is a must for social upliftment," he said. In another tweet, the minister wrote, "During the pandemic, when crude oil prices crashed, the world came together to stabilize the prices to make it sustainable for the producers.

Now, as the world is at the cusp of economic recession & slowdown, oil producers need to show the same sensitivity towards the consuming countries." Noting that it is the sovereign right of oil producing and exporting countries to decide their production capacity, the minister said the decision is subject to "the doctrine of consequences - intended & unintended". The statement comes as crude oil prices have been hovering over $90 a barrel as the OPEC+ grouping and its major members – Saudi Arabia and Russia – have resorted to constant production cuts to lift prices. Last month Saudi Arabia announced it was extending its voluntary oil production of one million barrels per day (bpd) till December.