Pradhan wants Opec to tackle high oil prices

Pradhan wants Opec to tackle high oil prices

FPJ BureauUpdated: Wednesday, May 29, 2019, 08:25 AM IST
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Vienna : Union Minister for Petroleum and Natural Gas Dharmendra Pradhan said on Wednesday urged Opec nations to fill a supply gap and ensure sustainable oil prices as politics affect the output of some producers.

“Political conditions, sometimes internal and sometimes external, result in reduced output of some countries. We expect from OPEC and its members a commitment to step in (and) more than fill the gap to ensure sustainable prices,” Pradhan said.

He said currently high oil prices dent the economic development of many countries.

“The already fragile world economic growth will be at threat if oil prices persist at these levels. My fear is – this will lead to energy poverty in many parts of the world,” he said. Pradhan said India does not support the prevailing high price.

“These prices are creating stress throughout global economy, as it is giving pain to us in India,” he said.

“Globally, crude prices have gone beyond the threshold which can be sustained by the world, particularly countries like India which is a key driver of world economy,” he said.

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