India, the world’s third-largest oil consumer, expects a “responsible” approach from its suppliers as speculation mounts over whether OPEC and its allies will reach a deal to boost output at a meeting in Vienna this week.
India welcomes a proposal made by top producers Saudi Arabia and Russia to gradually ease the group’s supply curbs after prices rose to hit $80 a barrel last month, oil minister, Dharmendra Pradhan, said in an interview at the Austrian capital. The Organization of the Petroleum Exporting Countries is heading into a contentious meeting on Friday, with Iran promising to block any decision to increase output.
“High prices are pinching our economy, pinching our country,” Pradhan said. “I think our supplying friends have taken notice of that.” India believes that $55 to $60 a barrel is a reasonable price level for now, he said. Brent crude, the benchmark for more than half the world’s oil, was trading near $75 a barrel on Wednesday.
India and China are considering teaming up to buy US supplies and counter OPEC’s dominance in the world’s biggest oil market. Read More
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