The Organization of the Petroleum Exporting Countries (OPEC) is in “catholic marriage” with India, said secretary-general Mohammad Barkindo as the country is one of the biggest consumers of crude oil and there is a vested interest in its economic growth and prosperity.
On dealing with continuously rising demand for crude oil, Barkindo told CNBC-TV18 that India and OPEC and non-OPEC members “are in the same boat”, with the former accounting for a bulk of the total demand and the latter being the biggest producer. Presently, India imports roughly 80% of its total crude oil consumption and is third largest oil consumer in the world.
He said that to meet the current and future demand for crude oil, investments worth $11 trillion will be required. “…Producing countries in OPEC and non-OPEC declaration of cooperation are in catholic marriage with India. Read more
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