High oil prices dent economic development of many countries, says Oil Minister Dharmendra Pradhan.
VIENNA: India, the world's third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as geopolitics affect the output of some producers.
The world faces likely lower oil exports from Iran, OPEC's third-biggest producer, after US President Donald Trump pulled out of a 2015 nuclear accord with a vow to renew sanctions against Tehran.India is the biggest oil client of Iran after China.(: Petrol, Diesel Prices Remain Unchanged Today.
Check Fuel Prices In Your City)"Political conditions, sometimes internal and sometimes external, result in reduced output of some countries.
We expect from OPEC and its members a commitment to step in (and) more than fill the gap to ensure sustainable prices," Oil Minister Dharmendra Pradhan said at a seminar in Vienna.He said currently high oil prices dent the economic development of many countries."The already fragile world economic growth will be at threat if oil prices persist at these levels.
My fear is - this will lead to energy poverty in many parts of the world," he said.
Thomson Reuters 2018(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated feed.)