Surging oil prices worry India, says Pradhan in OPEC meet -Governance Now

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

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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.

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