India-OPEC discuss on surging oil prices

The Organization of the Petroleum Exporting Countries (OPEC) secretary general Sanusi Barkindo and Union Minister of Petroleum and Natural Gas Dharmendra Pradhan held a meeting on Wednesday to discuss the surging crude oil prices at the third India-OPEC Energy Dialogue here.

At the meeting, both sides sought responsible pricing in the best interests of producers and consumers.

Expressing his optimism, Pradhan said he is certain that Secretary Barkindo will put India's point of view in the producer's group. "This is a continuous dialogue between OPEC and India. We are all concerned about the stability of the market and will look into the interest of the common citizen of the world. 32 per cent of crude oil is produced by OPEC and its allied countries. And I assure you that OPEC is our best custodian after Barkindo took charge. I am assured that Barkindo will put forth our point of view to the producer's group."

Pradhan also expressed concern about global trade practices limiting the affordability of energy.

Barkindo also reaffirmed that India is an important partner of OPEC, "We in OPEC consider India as a growing economy, a country that represents not only the present but future especially in the field of emerging and sustainable development."

"We remain deeply appreciative of India's continued commitment to OPEC in India Energy Dialogue. Our dialogue will continue to bring our viewpoint closer. The decision at the national level and in OPEC will be in the interest of both producers and consumers," added Barkindo. He also appreciated the initiatives taken by Prime Minister Narendra Modi in the field of energy.

Stating their stand on the sanctions that the United States imposed on Iran, Barkindo said, "We have to remain focused together with our non-OPEC partners in ensuring that the market remains very much supplied, and the balance that we regained in the past two-three years is sustained."

Earlier in June this year, OPEC along with its non-OPEC partners met in Vienna and decided the balance they achieved should be maintained and sustained.