Oil prices promptly jumped to a year’s high on Friday, closing in on $60 a barrel-mark. At fuel pumps across the country, petrol prices hurtled towards the Rs 100 a litre-mark and diesel scaled new highs as the impact of higher February price for Asia which Opec had announced in January hit home.India can draw satisfaction over Opec leaving the Asian price unchanged for March since it indicates the group is listening to concerns of consumers. India had reacted sharply to the surprise Saudi offer of an additional production cut on January 5, which sent oil prices soaring.On Janaury 19, oil minister Dharmendra Pradhan publicly accused Opec of “backtracking” on its “commitment”. With Opec secretary-general Mohammad Barkindo listening, he told an Atlantic Council meeting that such policy contradictions created confusion for consumers.Pradhan has reasons to feel India’s been left holding the baby. After crude crashed to its lowest-ever in the face of vanishing demand in April 2020, India had stood beside Saudi Arabia to garner G20 backing for the deepest-ever production cut to rebalance the market. It played its role as the third-largest consumer and continued importing shipments even after losing 70% domestic demand.There’s another reason for India to be… Read full this story
- Trump to OPEC: 'Relax,' Oil Prices Already Too High
- Oil Prices: Could Iran Push Crude Back Into The Triple Digits?
- U.S. oil prices climb after tumble, but oversupply worries drag
- U.S. oil prices drop 1 percent on oversupply fears
- Oil prices rise on OPEC supply cuts, Venezuela sanctions
- Oil prices rise on OPEC's supply cuts and healthy demand
- U.S. oil prices inch up, but global economic concerns weigh
- Darkening economic outlook threatens to cap oil price in 2019
- Oil prices fall as markets brace for potential U.S. recession
- U.S. oil prices rise by 1 percent amid expectations of volatile 2019
On India protest, Opec keeps Asia oil price unchanged have 300 words, post on auto.economictimes.indiatimes.com at February 7, 2021. This is cached page on The World Articles. If you want remove this page, please contact us.