Surging oil prices worry India, says Pradhan in OPEC meet

Minister of petroleum and natural gas Dharmendra Pradhan has said the fragile world economic growth will be at threat if the crude oil prices continue to surge.

GN Bureau | June 25, 2018


#Oil   #Vienna   #Dharmendra Pradhan   #Petroleum   #India   #OPEC   #PSU  
Minister of petroleum and natural gas Dharmendra Pradhan has said the fragile world economic growth will be at threat if the crude oil prices continue to surge. He said surging oil prices are creating stress throughout the global economy and particularly to India.
 
He was speaking at the 7th OPEC International Seminar organised by the Organisation of Petroleum Exporting Countries (OPEC) in Vienna, Austria on June 20, which was attended by the officials of ministry of petroleum and natural gas and CMDs of oil marketing companies.
Pradhan said while India is not in favour of prices as low as $30 per barrel, it also does not support the prevailing high prices which dent its fiscal balance and undermine development process. They also cause undue hardships, particularly to developing and underdeveloped countries, he said. 
 
“If the world has to grow as a whole, there has to be a mutually supportive relationship between producers and consumers. OPEC as the predominant supplier has the responsibility to maintain supply equilibrium,” he said.
 
 

Comments

 

Other News

Now, mandatory Covid test to enter Maharashtra

From Wednesday, all passengers travelling to Maharashtra from the NCR of Delhi, Rajasthan, Gujarat and Goa – the four states with high numbers of Covid-19 infection in recent days – will have to compulsorily provide RT_PCR tests before boarding flights and trains.    

India’s active caseload remains below 5%, recovery rate remains above 93%

India’s present active caseload (4,43,486) is 4.85% of the total positive cases, and has been sustained below the 5% mark, the health ministry said in a bulletin Monday. The Recovery Rate continues to be above 93% as 93.68% of all cases have recovered as of date. In the 24 hours to Mon

Covid-19 too will be history one day: Dr. Harsh Vardhan

Covid-19 will soon be a “past episode”, Dr. Harsh Vardhan, minister for health and family welfare, has said, hoping that “vaccines available very soon, and the cases will significantly go down in the next few months”. “It is not the first one and definitely not

India’s reforms could support medium-term growth

The revival of the government’s reform agenda in response to the coronavirus pandemic shock has the potential to raise India’s medium-term growth rate, Fitch Ratings has said in a new analysis, while also taking note of downside pressures to growth and adding that it will take time to assess wh

Govt working towards resolving MSME issues through banking reforms: Patra

Acknowledging that much needs to be done in the banking sector, BJP national spokesperson Sambit Patra has said that the government was working on the nitty-gritties. “As far as the Indian banking system is concerned, a lot is still to be done and rest assured work is under progress. T

India’s AI supercomputer Param Siddhi makes mark on global stage

Param Siddhi, the high performance computing-artificial intelligence (HPC-AI) supercomputer established under the National Supercomputing Mission (NSM) at C-DAC, has achieved a global ranking of 63 and thus among the TOP 500 most powerful non-distributed computer systems in the world. The su



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter