India raises high fuel price issue to OPEC and producer nations

20 Jul 2021 CW Team

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

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..