Petroleum Minister urged the OPEC Ambassadors to convey the message to their respective governments. Image source: Reuters
India on Thursday reiterated its call to end the Asian Premium on oil being charged by OPEC producers and said prices have risen beyond the threshold that can be sustained by the world.
At a meeting here with ambassadors of the Organisation of Petroleum Exporting Countries (OPEC), Petroleum Minister Dharmendra Pradhan said market fundamentals do not support such high prices and impressed on the need for OPEC governments to move towards responsible pricing, according to a Petroleum Ministry release here.
"Minister Pradhan expressed his concern about rising crude oil prices and its negative impact on consumers across the world. He emphasized that globally crude prices have gone beyond the threshold which can be sustained by the world.
"He reiterated the issue of discriminatory pricing through measures such as Asian Premium and urged the move to transparent and flexible markets for both oil and gas," he said.
Pradhan urged the OPEC Ambassadors to convey the message to their respective governments regarding the need to move to responsible pricing, one that balances the interests of both the producer and consumer.
"The timing of the meeting comes at a crucial time when global crude oil prices are at the highest since the peak of 2014," the statement added.
According to the ministry, Pradhan is scheduled to visit Vienna on June 20-21 to participate in the OPEC international seminar and will discuss these key issues with OPEC Secretary General Sanusi Barkindo and ministers from the 13-nation cartel. OPEC and non-OPEC countries are also expected to decide on extending the output cuts, which, along with the geopolitical tensions in the Middle East, have helped push up crude prices.
WATCH ZEE BUSINESS VIDEO HERE
As two Asian giants that accounted for 17 per cent of global oil consumption last year, India and China held formal talks in Beijing earlier this week on forming an oil buyers` club. Pradhan has earlier this year proposed an alliance between Indian and Chinese state-run oil companies to have a greater say in the market.
With reports of Saudi Arabia and Russia discussing raising OPEC and non-OPEC oil production by some 1 million barrels a day producing a fall in crude rates, transport fuel prices in the country suddenly started declining in June. After declining for a fortnight, rates have remained unchanged for the second consecutive day on Thursday.
Domestic petrol prices, which had hit record levels for 16 consecutive days during May, have been on the reverse trend for the last two weeks but the relief for consumers has been slow in coming. The pace of decline has been less than half the rate of surge.
US President Donald Trump said on Wednesday that oil prices were too high and blamed OPEC for the surge.
By continuing to browse or use our sites, you agree that we can store and access cookies and other tracking technologies as described in this policy.
A cookie is a small text file that can be stored on and accessed from your device when you visit one of our sites, to the extent you agree. The other tracking technologies work similarly to cookies and place small data files on your devices or monitor your website activity to enable us to collect information about how you use our sites. This allows our sites to recognize your device from those of other users on our sites. The information provided below about cookies also applies to these other tracking technologies.
These are those cookies that belong to us and which we place on your device or are those set by a website that is being visited by the user at the time (e.g., cookies placed by zeenews.india.com)
Some features used on this website may involve a cookie being sent to your computer by a third party. For example, if you view or listen to any embedded audio or video content you may be sent cookies from the site where the embedded content is hosted. Likewise, if you share any content on this website through social networks (for example by clicking a Facebook “like” button or a “Tweet” button) you may be sent cookies from these websites. We do not control the setting of these cookies so please check the websites of these third parties for more information about their cookies and how to manage them.
Session cookies are temporary and deleted from your machine when your web browser closes. We use session cookies to help us track internet usage as described above.
The data collected by the sites and/or through Cookies that may be placed on your computer will not be kept for longer than is necessary to fulfil the purposes mentioned above. In any event, such information will be kept in our database until we get explicit consent from you to remove all the stored cookies.
These cookie are essential to our site in order to enable you to move around it and to use its features. Without these essential cookies we may not be able to provide certain services or features and our site will not perform as smoothly for you as we would like. These cookies, for example, let us recognize that you have created an account and have logged in/out to access site content. They also include Cookies that enable us to remember your previous actions within the same browsing session and secure our sites.
These cookies are used by us or by our third-party service providers to analyse how the sites are used and how they are performing. For example, these cookies track what content are most frequently visited, your viewing history and from what locations our visitors come from. If you subscribe to a newsletter or otherwise register with the Sites, these cookies may be correlated to you.
These cookies let us operate the sites in accordance with the choices you make. These cookies permit us to "remember you” in-between visits. For instance, we will recognize your user name and remember how you customized the sites and services, for example by adjusting text size, fonts, languages and other parts of web pages that are alterable, and provide you with the same customizations during future visits.
If you do not want cookies to be dropped on your device, you can adjust the setting of your Internet browser to reject the setting of all or some cookies and to alert you when a cookie is placed on your device. For further information about how to do so, please refer to your browser ‘help’ / ‘tool’ or ‘edit’ section for cookie settings w.r.t your browser that may be Google Chrome, Safari, Mozilla Firefox etc.
Please note that if your browser setting is already setup to block all cookies (including strictly necessary Cookies) you may not be able to access or use all or parts or functionalities of our sites.
If you want to remove previously-stored cookies, you can manually delete the cookies at any time from your browser settings. However, this will not prevent the sites from placing further cookies on your device unless and until you adjust your Internet browser setting as described above.
For more information on the development of user-profiles and the use of targeting/advertising Cookies, please see www.youronlinechoices.eu if you are located in Europe or www.aboutads.info/choices if in the United States.