Pradhan asks OPEC to price oil responsibly

India today voiced its concern over high international oil prices with oil producers cartel OPEC and nudged it to move to responsible pricing that balances interests of both producers and consumers.

Oil Minister Dharmendra Pradhan conveyed India's concerns when he met ambassadors of OPEC countries in India, an official statement said here.

"The meeting comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014," it said.

India is 80 per cent dependent on imports to meet its oil needs and eight of its top suppliers are from the Organisation of Petroleum Exporting Countries (OPEC). The block accounted for about 83 per cent of India's total crude oil imports, 98 per cent of its LPG imports and 74 per cent of its LNG imports during the last financial year ended March 31, 2018.

"During the meeting, Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India," the statement said. "He emphasised that global crude prices have gone beyond the threshold which can be sustained by the world."
Pradhan said the market fundamentals do not support such high prices. He urged OPEC "to move to responsible pricing, one that balances the interests of both the producer and consumer."
India, he said, will be a key driver of global energy demands in the next 25 years. "The world not only sees India as a leading consumer of energy, they also acknowledge our growing importance in the energy world due to our proactive role in achieving energy security including renewables, alternate fuels and commitment to global initiatives on climate change."