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 per cent 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 per cent of India’s total crude oil imports, 98 per cent of its LPG imports and 74 per cent of its LNG imports during the last financial year ended March 31, 2018.
“During the meeting, Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world, particularly in India,” the statement said. “He emphasised that global crude prices have gone beyond the threshold which can be sustained by the world.”
Production cuts by OPEC have led to international oil prices hitting a four-year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices. Rates started to cool towards month end and retail prices have been cut thereafter.
Pradhan said the market fundamentals do not support such high prices. He urged OPEC “to move to responsible pricing, one that balances the interests of both the producer and consumer.”
He reiterated the issue of discriminatory pricing through measures such as Asian Premium.
“Minister urged them to move to transparent and flexible markets for both oil and gas,” the statement said.
Pradhan is scheduled to visit Vienna next week from June 20-21 to participate in the 7th OPEC International Seminar to further discuss these key issues with OPEC Secretary General Sanusi Barkindo. Ministers from OPEC member countries will also be attending the seminar.
“Met with Ambassadors of #OPEC and discussed India’s growing position in the world energy demand & the need for responsible pricing which balances the interests of both the producer & consumer countries. Also suggested to create transparent & flexible markets for both oil and gas,” Pradhan tweeted with pictures of him standing with Ambassadors of Iran and Venezuela to India.
India, he said, will be a key driver of global energy demands in the next 25 years. “The world not only sees India as a leading consumer of energy, they also acknowledge our growing importance in the energy world due to our proactive role in achieving energy security including renewables, alternate fuels and commitment to global initiatives on climate change.”
“Expressed India’s concern towards global trade practices in the field of oil & gas which are not contributing to universal energy access and affordability. The rising crude prices have gone above the sustainability threshold causing undue hardship for the developing economies,” he said in another tweet.
Stating that he raised the issue of discriminatory pricing such as Asian Premium, Pradhan said he “urged the OPEC ambassadors to reconsider these discriminatory measures in the overall interest of all countries and work together for a sustainable future.”
JuanP on Tue, 19th Jun 2018 4:07 pm
“Saudi Arabia to turn Qatar in to an island by digging massive canal” on RT
https://www.rt.com/news/430252-saudi-arabia-qatar-canal/
MASTERMIND on Tue, 19th Jun 2018 4:18 pm
Starbucks says it will close 150 stores next year
http://money.cnn.com/2018/06/19/news/companies/starbucks-store-closures/index.html
MASTERMIND on Tue, 19th Jun 2018 4:27 pm
And so it begins! The failure of Starbucks is the penultimate indicator of the end of civilization as we know it!!!
JuanP on Tue, 19th Jun 2018 5:15 pm
MM, I know this may be hard to believe for you, but humanity survived without Starbucks for a very, very long time. The last time I went to a Starbucks was in LA in 2006. If they were to file for bankruptcy and close all their stores today it wouldn’t matter to me at all! LOL! And most of humanity has never set foot in a Starbucks!
MASTERMIND on Tue, 19th Jun 2018 5:25 pm
General Electric gets booted from the Dow
http://money.cnn.com/2018/06/19/investing/ge-dow-jones-walgreens/index.html
Holy shit! GE is on the brink of collapsing!
BobInget on Tue, 19th Jun 2018 6:16 pm
Here’s how many crude oil barrels you can approximately fit aboard a…
Truck: 200
Train car: 700
Very Large Crude Carrier (VLCC) supertanker: 2,200,000
BobInget on Tue, 19th Jun 2018 6:22 pm
Newest craze; buy green, (coffee) beans, roast em at home.
See, already roasted coffee goes stale in 10 days.
Starbucks figured that out.
Now, Amazon is selling little roasters and beans by the carload.
Makati1 on Tue, 19th Jun 2018 6:43 pm
The coffee trees on the farm should be producing this year or next. Fresh from the tree to the roaster, grinder, perk and then the cup. Yum!
Makati1 on Tue, 19th Jun 2018 6:48 pm
BTW: Starbucks is one of the biggest frauds on the planet. Over priced, bitter coffee served to young 1%er wannabees who want to be seen in their establishment. They do have excellent blueberry cheesecake but I didn’t drink their “coffee” even when it was free at my last employer. I certainly would never be stupid enough to waste $3 on a $0.10 drink.
MASTERMIND on Tue, 19th Jun 2018 7:16 pm
Madkat
You are so jealous of others and mean spirited..Just a crabby old incel miserable mummy..No wonder your wife left you after a lifetime..Good for her..You deserve to die alone..
Makati1 on Tue, 19th Jun 2018 7:29 pm
MM, jealous of whom? Certainly not you or the delusional Davy. I have no reason to be jealous of anyone. I have all I want or need here in the Ps. I envy no one. I am free. You will never be.
You and Davy like to pretend you know all about my life and my family. Of course it is all delusional bullshit. You are just jealous because you will never have one. You are too self-centered to ever find someone stupid enough to marry you. You will never have a family. Davy has ruined all of his chances for a happy life and so will you.
MASTERMIND on Tue, 19th Jun 2018 7:44 pm
Madkat
You are jealous of others who have happy lives..You are a smug unhappy little man and your treat others like garbage..I hope you are around when BAU goes down..You deserve to suffer..
Makati1 on Tue, 19th Jun 2018 7:50 pm
YOU are the jealous one, MM. I’m living a very happy retirement here. I owe no one. I own nothing but personal stuff. I pay no taxes. I enjoy everyday as it comes. I am not watched 24/7/365 by a police state government like you are. My family is just an email or live video chat away. Same as if I lived in the Us. I have all I need or will need. Why do you think I am unhappy? I have it all.
You, on the other hand, have nothing.
Makati1 on Tue, 19th Jun 2018 7:52 pm
BTW MM: I worked for 50 years to get to this point. You, on the other hand will never be able to retire. Too bad you were born 40 years too late into a collapsing, police state country. LOL
Davy on Tue, 19th Jun 2018 8:04 pm
“MM, jealous of whom? Certainly not you or the delusional Davy. I have no reason to be jealous of anyone. I have all I want or need here in the Ps. I envy no one. I am free. You will never be.”
You are trying to hard 3rd world to sound happy. What is the real story? You can tell us we have been comrades for years now. Tell us how your life really is with no bullshit.
Davy on Tue, 19th Jun 2018 8:07 pm
“I owe no one. I own nothing but personal stuff. I pay no taxes. I enjoy everyday as it comes. I am not watched 24/7/365 by a police state government like you are.”
You are always bragging about not paying taxes and it sounds like to me 3rd world you like free rides. You don’t pull your weight and want something for nothing.
MASTERMIND on Tue, 19th Jun 2018 8:12 pm
Hedge-fund boss who predicted ‘87 crash says next recession will be ‘really frightening’
https://www.marketwatch.com/story/hedge-fund-boss-who-predicted-87-crash-says-next-recession-will-be-really-frightening-2018-06-19
MASTERMIND on Tue, 19th Jun 2018 8:14 pm
Madkat
Notice how many times you said “I” in your last argument..That proves you are all alone..You had to flee because nobody loves you..You are going to die a lonely old man with a diaper full of poop..LOL
Makati1 on Tue, 19th Jun 2018 8:17 pm
Davy chimes in with his usual bullshit, third grade putdowns and other meaningless posts.–
Makati1 on Tue, 19th Jun 2018 8:21 pm
Yes, Mm. I’m proud of my accomplishments that are real and not imaginary like yours and Davy’s. I worked hard to get here and am not ashamed of my independence and happiness.
You, on the other hand, are jealous or you would not care how independent and happy I am. You would be congratulating me on my achievements and hoping to duplicate them in your life.
MASTERMIND on Tue, 19th Jun 2018 8:57 pm
Madkat
How am times are you going to say “I”? You are all alone..And misery loves company..That is why you cheer on the collapse of America..And the entire OECD is in the exact same shape as America..But I don’t here you talking about them at all..You only critique America and look at us in a vacuum..Its obvious you want harm to be done to someone who lives here..And its likely your ex wife..If you really were as happy and moved on from America as you say..You wouldn’t give a shit about the US..Because it makes no difference to you..For example I have never said anything bad about your country you live in now or wished them any harm..Because it makes no difference to me..
Makati1 on Tue, 19th Jun 2018 9:40 pm
MM, I might say “I” a million times. You are a zero so why should I consider anything you say or want? Answer: I don’t.
Keep living in your fantasy world. I’m not talking about offing myself because I cannot handle life, you are. Who has the problem? LMAO