Crude Oil Price: Amidst the sharp rise in crude oil prices in the international market and the decision of OPEC countries to reduce production, Petroleum Minister Hardeep Singh Puri said that in view of the global economic crisis, recession and economic slowdown, Oil producing countries have been asked to show sensitivity towards countries like India, the largest consumer of crude oil.
The Petroleum Minister, who arrived in Abu Dhabi to attend the ADPEC meeting of oil producing countries and major oil companies, met OPEC Secretary General Haitham Al Ghais. While sharing the information about this meeting on Products are imported from OPEC countries. Petroleum Minister told OPEC Secretary General how important it is to have affordable energy prices for social upliftment.
Discussed the global energy scenario in my meeting with OPEC SG, HE .
India imports about 60% of its crude oil worth $101 billion & other petroleum products from OPEC members. I highlighted how ensuring access to affordable energy is a must for social upliftment. pic.twitter.com/tGAuWpn5fJ— Hardeep Singh Puri (@HardeepSPuri) October 3, 2023
He said, when crude oil prices fell drastically during the Corona epidemic, the whole world came together to stabilize the prices so that the producing countries could get relief. But now when the whole world is facing economic crisis and recession, the oil producing countries should show the same sensitivity towards the countries that consume the most crude oil.
During pandemic, when crude oil prices crashed, the world came together to stabilize the prices to make it sustainable for the producers. Now, as the world is at cusp of economic recession & slowdown, oil producers need to show same sensitivity towards the consuming countries.
— Hardeep Singh Puri (@HardeepSPuri) October 3, 2023
Hardeep Puri told the Secretary General of OPEC that India believes that it is the right of the oil producing and exporting countries to decide how much crude oil to produce, but it is very important to see its result also. In fact, prices have increased in the international market only after the decision of oil producing countries to reduce production.
Also took the opportunity to discuss how it’s the sovereign right of the oil producing & exporting countries to decide the production capacity, but, all of this is subject to the doctrine of consequences – intended & unintended.@MIB_India
— Hardeep Singh Puri (@HardeepSPuri) October 3, 2023
In fact, after touching 97 dollars per barrel in the international market recently, the price of crude oil has come down to 90 dollars per barrel and on October 3, 2023, Brent crude oil will be at 90.14 dollars per barrel and WTI crude will be at 88.41 dollars per barrel. Trading close. The Indian government must have heaved a sigh of relief from this. Because recently it was being predicted to touch 100 dollars. However, this level still remains high. Saudi Arabia and Russia have decided to reduce the production and supply of crude oil by December 2023. After which there has been a sharp rise in the prices of crude oil.
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