India is calling on the Organization 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 told Sputnik in an interview
ABU DHABI (Pakistan Point News / Sputnik - 13th November, 2019) India is calling on the Organization 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 told Sputnik in an interview.
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 jeopardize the country's energy security.
"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 fulfill that expectation, don't go for further cut. Make the prices very reasonable," Pradhan said.
India is calling on the organization 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 the longer period, if you want to have a market for the 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.
