India raises high fuel price issue to OPEC and producer nations
OIL & GAS

India raises high fuel price issue to OPEC and producer nations

The Indian government has taken up the issue of high oil prices with producer nations and the Organisation of Petroleum Exporting Countries (OPEC), demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha.

Petrol and diesel costs have shot up to record highs in India since early May, petrol after relentless cost increases. Petrol is selling over Rs 100 a liter in more than a dozen states. Teli told the media that the government has been taking up the high oil price issue, bilaterally with crude oil-producing countries as well as with the OPEC for affordable crude costs for consuming countries like India.

He further added that the Minister for Petroleum and Natural Gas held meetings with the Secretary-General of OPEC to convey India's serious concerns over crude oil rate volatility, and India's strong preference for responsible pricing by producers and reasonable pricing for consumer countries.

The issue of high oil rates has been flagged to Saudi Arabia, UAE, and Qatar by the new oil minister Hardeep Singh Puri, in the last few days.

OPEC and its partners reached a deal to raise oil production by 400,000 barrels per day (bpd) every month for the rest of this year and into 2022.

The pact finished two weeks of limbo for oil markets as OPEC leaders sought a solution to demands by the United Arab Emirates (UAE) to increase its production baseline in return for supporting an expansion of the group's cooperation agreement.

Sunday's agreement raises UAE, Saudi Arabia's, and Russia's production baseline.

The agreement envisions continuing the monthly 400,000 bpd increments to around September 2022 ''subject to market conditions'', when members would theoretically reach baseline production.

Image Source

The Indian government has taken up the issue of high oil prices with producer nations and the Organisation of Petroleum Exporting Countries (OPEC), demanding affordable rates, Minister of State for Petroleum and Natural Gas Rameswar Teli told the Lok Sabha. Petrol and diesel costs have shot up to record highs in India since early May, petrol after relentless cost increases. Petrol is selling over Rs 100 a liter in more than a dozen states. Teli told the media that the government has been taking up the high oil price issue, bilaterally with crude oil-producing countries as well as with the OPEC for affordable crude costs for consuming countries like India. He further added that the Minister for Petroleum and Natural Gas held meetings with the Secretary-General of OPEC to convey India's serious concerns over crude oil rate volatility, and India's strong preference for responsible pricing by producers and reasonable pricing for consumer countries. The issue of high oil rates has been flagged to Saudi Arabia, UAE, and Qatar by the new oil minister Hardeep Singh Puri, in the last few days. OPEC and its partners reached a deal to raise oil production by 400,000 barrels per day (bpd) every month for the rest of this year and into 2022. The pact finished two weeks of limbo for oil markets as OPEC leaders sought a solution to demands by the United Arab Emirates (UAE) to increase its production baseline in return for supporting an expansion of the group's cooperation agreement. Sunday's agreement raises UAE, Saudi Arabia's, and Russia's production baseline. The agreement envisions continuing the monthly 400,000 bpd increments to around September 2022 ''subject to market conditions'', when members would theoretically reach baseline production. Image Source

Next Story
Infrastructure Transport

Metro Line 2B Phase 1 to Boost Realty in Mumbai’s Eastern Suburbs

Mumbai’s real estate sector is set for a major boost as Phase 1 of Metro Line 2B, between Mandale and Diamond Garden, nears completion. The Mumbai Metropolitan Region Development Authority (MMRDA) has confirmed that mandatory rectifications are done, and inspections by the Commissioner of Metro Railway Safety (CMRS) have been carried out. The 5.39-km stretch with five stations forms part of the larger DN Nagar–Mandale corridor, designed to ease congestion and improve east–west connectivity. Passenger operations are expected by December 2025, with the full line slated for 2027. ..

Next Story
Resources

WattPower wins Best Inverter award at Global Solar Expo 2025

WattPower, a leading renewable energy solutions provider, has won the award for “Best Inverter in the Utility Segment” at the Global Solar Expo 2025. The recognition underscores the company’s commitment to delivering reliable, high-performance and future-ready solar solutions for large-scale projects. At the forefront of utility-scale solar, WattPower manufactures advanced string inverters that directly feed power into the Indian grid. With robust technology, high-quality components and comprehensive product lifecycle support, its solutions stand among the most sophisticated in the ..

Next Story
Real Estate

Awfis delivers 67,000 sq. ft. innovation hub for eBay in Bengaluru

Awfis Space Solutions, India’s largest flexible workspace provider and the first publicly listed workspace solutions platform, has partnered with eBay to establish a 67,000 sq. ft. innovation hub at Embassy Tech Village, Bengaluru. The mandate covers design, build and management of the new office, which will act as a strategic hub supporting diverse functions and accelerating eBay’s AI-first commerce strategy. The centre will focus on artificial intelligence, engineering, product development and applied research, strengthening eBay’s growth in India. Embassy Tech Village, North Beng..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?