Oil Minister Dharmendra Pradhan today said the latest decision by Organization of Petroleum Exporting Countries (OPEC) to increase production is positive for consuming country like India and shows that OPEC has listened to the concerns of the market.
He was speaking at the signing of Memorandum of Understanding (MoU) between Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) to invest in the upcoming Ratnagiri Refinery and Petrochemicals (RRPCL) in Maharashtra.
“We are happy that for the first time OPEC has taken cognizance of the market for stability. How prices will emerge is up to demand and supply fundamentals. Consuming countries like India are happy that OPEC has looked into our expectation that there should be a production assurance by OPEC countries.
Around 1 million barrel per day of additional production will hit the market. This certainly is a positive sign for a consuming country like India,” Pradhan said. Brent crude oil prices fell by more than two percent early on Monday as market factored an expected increase in crude oil production as agreed at OPEC’s 7th international OPEC meet. Read More
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