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OPEC will 'seriously consider' PM Modi's views on slashing oil prices

ANI  |  Vienna [Austria] 

The Organisation of the Exporting Countries (OPEC) would "seriously consider" Narendra Modi's views on lowering global prices, Saudi said on Thursday.

Upon his arrival in for the crucial meet, which seeks to stabilise the global price of crude oil, Al-Falih underscored that Modi cares for Indian consumers and raised the issue during the recently-concluded summit in

"We would take the views of Modi's seriously. Privately, he made those points in (during the summit) to us (Saudi Arabia), that he cares for the Indian consumers. I have seen him several times at events in India, where he has been vocal about it," the minister said.

is the world's third largest consumer and imports about 80 per cent to meet its requirements.

When asked about US Donald Trump's demand on lowering prices, Al-Khalih elaborated: "Trump is the of the largest consuming country of petrol. Just like a consumer in the US or in France, and Saudi Arabia, everyone wants affordable energy. So he has every right to wish for affordable energy for his citizens. We would hear him and take his views seriously."

Underlining that consumer is an important focus in the meeting, the Saudi said the main aim is to bring supply demand of in balance.

The comments from the Saudi Minister came after Trump urged countries to keep stable so that its prices remained low in the near future. "Hopefully will be keeping oil flows as is, not restricted. The does not want to see, or need, higher oil prices!", the US wrote on his handle.

Trump has been vociferous about OPEC, repeatedly urging the group to keep low and accusing it of restricting its production, leading to a hike in global crude rates.

Al-Falih, however, lashed out at the US, saying that "no permission is needed from anyone" to reduce "We don't need permission from anyone to cut. They are not in a position to tell us what to do," the minister was quoted by Al-Jazeera, as saying.

The is a grouping of 15 and comprises Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Congo, Saudi Arabia, United Arab Emirates, and They account for more than half of the world's

However, will pull out from the group in January 2019, as it wants to focus on its efforts to increase its

Saudi Arabia, which is the de facto of OPEC, is keen to reportedly curb its by at least 1.3 million barrels per day, or 1.3 per cent of global production.

Crude rates skyrocketed to a four-year high of USD 86 per barrel in October. But since then, the price spiralled down to about USD 60 per barrel.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 08:35 IST