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

#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

Maha Mumbai Metro launches WhatsApp-based ticketing

Maha Mumbai Metro Operations Corporation Ltd (MMMOCL) has launched a WhatsApp-based ticketing service. The service, available on Metro Lines 2A and 7, allows commuters to purchase tickets directly through WhatsApp, eliminating the need for paper tickets and providing a seamless, user-friendly experience.

Navi Mumbai airport: Runway trial successful

An Indian Air Force (IAF) transport carrier C295 landed at the southern runway 26, marking the formal launch of the new airport of Mumbai Metropolitan Region (MMR) on Friday. The aircraft touched down on the newly completed 3,700-metre runway at 12.14 pm, the airport operator said. The landi

‘Those who know dharma say truth is the highest dharma’

As Ramlila performances in north India are winding up and we celebrate Dussehra, the victory of good over evil, here is a unique retelling of Valmiki`s Ramayana.

Nation bids farewell to Ratan Tata

It is the end of an era with Ratan Tata’s passing away. The former chairman of Tata Sons died of age-related illnesses at the Breach Candy Hospital in Mumbai late Wednesday. He was 86. A titan among the captains of industry, Tata steered the mighty Tata Group from the days of old econo

A trip to the future, with AI visionary Kurzweil

The Singularity is Nearer: When We Merge with AI By Ray Kurzweil Bodley Head/ Penguin, 425 pages Ray

Election Results: NC-Cong leads in J&K, BJP in Haryana

The vote counting on Tuesday after the assembly elections of Jammu & Kashmir and Haryana has been mostly on predictable lines, except for a twist: in J&K, as expected, the National Conference in alliance with the Congress is on the way to securing a creditable mandate, but in Haryana the BJP is pro