Good news in offing for India? OPEC secy-general says will look into crude oil concern in next meet


Crude oil prices have surged this year on the talks of US sanctions that are expected to strain supplies of Iranian oil by reducing shipments.

Good news in offing for India? OPEC secy-general says will look into crude oil concern in next meet

OPEC Secretary-General Mohammad Barkindo Thursday said that India sent a complaint letter to him recently, expressing discomfort over the current market situations. Barkindo assured that he would look into the concerns and discuss the issues in the upcoming meeting on October 17 in Delhi.

It may be noted that India, which meets about 80% of its oil needs through imports, has strong ties with the Organization of the Petroleum Exporting Countries (OPEC), as top eight suppliers of crude oil to India are OPEC Member countries.

“Some of our power consumers seem uncomfortable,” Barkindo told reporters during a press briefing on the sidelines of the Oil and Money conference in London when asked about the elevated crude oil prices.

In the last financial year 2018, India, which is the world’s third-largest oil consumer, consumed 204.9 million tonnes of 4 million barrels of oil per day. Read More

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