India happy with OPEC decision to raise output

India, the world's third-biggest oil consumer, today expressed happiness at OPEC decision to raise production by 1 million barrels per day, saying the oil cartel has taken cognizance of the market and the move is a positive sign for consuming countries like India.

The Organization of Petroleum Exporting Countries (OPEC) last week agreed to boost oil production after consumers from the US to India and China expressed anxiety over rising prices.

"We are happy because for the first time OPEC has taken cognizance of the market for a stability (in price)," Pradhan told reporters here. "How price will emerge is up to demand and supply fundamentals but as a consuming country, India is happy that they looked into our expectations."