You are here: Home » News-IANS » Business-Economy
Business Standard

Hope OPEC decides output without hurting consumer nations: Pradhan

IANS 

New Delhi, Dec 7 (IAN) The government on Friday expressed confidence that whatever decision the Organisation of Exporting Countries (OPEC) takes on output cuts to check the fall in crude prices, it would not go against the interests of consuming nations.

Speaking to reporters here on the sidelines of the (ISMA) AGM, drew attention to the Saudi Khalid Al Falih's observations on Thursday at the meeting in Vienna, about Narendra Modi's views in this regard.

"Yesterday (Thursday) the Saudi Arabian mentioned about the view has articulated before the meeting...by virtue of our consumer status he has become the leading voice of consuming nations," Pradhan said.

"The has said that he is hopeful that countries take care that whatever they decide will not go against the interests of consuming countries...the Saudi Minister's remarks seem to indicate this," he added.

Al Falih told reporters in that OPEC will seriously consider views of world leaders like Modi, who represent the voice of major consuming nations, before taking a decision on cutting output.

"We take the views of Prime Minister seriously who is equally vocal about the issue. We just met him in (summit) and privately he made those points very very strongly that he does care for Indian consumers and is very serious about it.

"I have also seen him at three times at various events in where he was very vocal," Al Falih said.

Consuming nations are part of OPEC deliberations even when they are not physically present in the meeting, he added.

OPEC Ministers concluded their meeting on Thursday without deciding on production cuts, and are meeting with non-OPEC producers on Friday in to take a final decision on output figures.

UK Brent crude has fallen sharply and is currently trading at under $60 per barrel, from the levels of $85 in October.

--IANS

bc/nir

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

First Published: Fri, December 07 2018. 21:00 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU