India Urges OPEC Nations To “Fill Supply Gap”, Ensure Sustainable Prices

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OPEC is an intergovernmental organization of 14 nations with headquarters in Vienna, Austria

Vienna:  India, which is 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.

“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,” Minister of Petroleum & Natural Gas 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

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