India today voiced its concern over high international oil prices with oil producers cartel OPEC and nudged it to move to responsible pricing that balances interests of both producers and consumers. Oil Minister Dharmendra Pradhan conveyed India’s concerns when he met ambassadors of OPEC countries in India, an official statement said here.
“The meeting comes at a crucial time when the global crude oil prices are at the highest since the peak of 2014,” it said.
India is 80 percent dependent on imports to meet its oil needs and eight of its top suppliers are from the Organisation of Petroleum Exporting Countries (OPEC). The block accounted for about 83 percent of India’s total crude oil imports, 98 percent of its LPG imports and 74 percent of its LNG imports during the last financial year ended March 31, 2018. Read More
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