New Delhi: Raising concerns over increasing oil prices and its eventual impact on consumers, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Thursday urged OPEC to phase out oil production cuts implemented by the cartel and other major producers.Also Read - Mumbai's Drinking Water Stocks Dip Below 10 Per Cent, Current Supply Can Suffice 38 Days: BMC
During his meeting with OPEC Secretary General Mohammed Sanusi Barkindo, Pradhan said that high crude prices are adding significant inflationary pressure on India, said an official statement. Also Read - LEI vs IND Warm-up Match, Day 2: Despite Pant's Theatrics, India Lead By 82 runs At Stumps
Both sides discussed recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest. Also Read - Ranji Trophy Final: Yash Dubey, Shubham Sharma Power MP On Verge of First-innings Lead
Along with his request of phasing out production cuts, he also emphasised that crude prices should remain within a reasonable band, which will be in the collective interests of both consumers and producers and would encourage a consumption-led recovery, the Petroleum Ministry statement said.
Further, as per OPEC’s analysis India will be the fastest growing emerging market economy in 2021. During the consultation, the Minister expressed happiness on OPEC’s assessment.
(This is an IANS Story. India.com has not Edited the Story.)