With global crude prices touching USD 80 a barrel, Oil Minister Dharmendra Pradhan has pressed OPEC kingpin Saudi Arabia to keep prices stable and moderate, saying that spike in rates would have a negative impact on Indian consumers as well as the economy.
Pradhan conveyed India's concerns when Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid Al-Falih called him last evening "to discuss continued joint cooperation between the two countries and in particular the current oil market situation", an official statement said here.
Brent crude oil, which breached USD 80 a barrel mark yesterday, was trading at USD 79.54 today, the highest level since November 2014.
The rally is being attributed to a combination of factors -- renewed US sanctions on third-largest OPEC producer Iran, shrinking supplies from Venezuela and the International Energy Agency saying that a global surplus has finally been eliminated due to output cuts by the Organization of Petroleum Exporting Countries and its allies.
"Pradhan expressed his concern about rising prices and its negative impact on consumers and the Indian economy," the statement said. "Pradhan emphasized his desire for stable and moderate prices."
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