Oil prices 'very challenging', need them to sober a bit: India to OPEC
India Today
India has urged the Organisation of the Petroleum Exporting Countries (OPEC) to phase out production cuts as the country faces a severe challenge due to rising fuel prices.
Ahead of a meeting of oil producers' cartel OPEC, India on Tuesday said the current oil prices are "very challenging" and rates need to be a "bit sober" lest they impact a consumption-led recovery of the global economy. Oil Minister Dharmendra Pradhan, who last week again urged OPEC to phase out its production cuts, said India is a price-sensitive market, and it will buy oil wherever it gets competitive rates. The rebound in international oil prices from lows hit last month on the back of demand recovery has led to a spike in petrol and diesel retail prices in India.More Related News