India warns OPEC against further oil production cuts, says Petroleum Minister

India warns OPEC against further oil production cuts, says Petroleum Minister
  • Clock-gray 14:36
  • calendar-gray 13 November 2019

India is calling on the Organisation of the Petroleum Exporting Countries (OPEC) to abstain from imposing new oil production cuts, as it believes that the move could affect consumers' interests, Petroleum and Natural Gas Minister Dharmendra Pradhan said in an interview, APA reports citing Sputnik.

"OPEC should also [be] looking at consumer’s interest. In the era of technology and … alternative fuels, we are convinced oil is going to play a bigger role and a longer role in the energy need of the world, but prices should be reasonable and very responsible. To fulfil that expectation, don’t go for a further cut. Make the prices very reasonable", Pradhan said.

India is calling on the organisation to appreciate the changing global technological level and ensure reasonable oil prices, which would be beneficial both for consumers and for producers, the minister stressed.

"Don’t kill the golden goose, if you want to have an egg for a longer period if you want to have a market for a longer period. Don’t kill the scope in the market. I hope OPEC leaders will be looking into aspect when they will be deciding about the production balance", Pradhan noted.

India has already asked OPEC to abstain from further cuts, since OPEC accounts for 80 percent of India's crude oil imports, and therefore any cut could jeopardise the country's energy security..

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