India is saddened by Opec+ decision to continue cutting production: Pradhan

India is saddened by the Opec+ decision to continue cutting production, said Petroleum Minister Dharmendra Pradhan on Friday. "It (The decision) is not good news for India, China, Japan, Korea and other consuming nations,” he said at the sidelines of a CERAWeek event. 

After the Opec decision, one million barrels per day of crude oil production from Saudi Arabia will remain in place at least through April.

"Russia and Kazakhstan are increasing production. We still appeal to the oil producers and (say that) an alternative could be found. But if you continue to push us (consumers) it is not in the interest of both sides. High oil prices could benefit a group of producing nations but if you push customers that could lead us to find alternatives."

He had earlier said that India will look at alternative energy if the oil producing countries do not fix the supply imbalance that has led to a rise in crude oil prices.