• Home
  • News Updates
    • National News
    • States News
    • Opinion
    • Hot & Viral
  • PSU Watch
    • PSU Appointments
    • PSU Events
    • Big Story
    • Life In a PSU
    • Corporate Watch
    • PSU Shares
    • PSU Watch Magazine
  • Defence News
  • Policy Watch
    • Trailblazers
    • Bureaucracy Watch
  • CSR Watch
  • PW Videos
  • हिन्दी न्यूज़
  • Jobs Watch
Search
LogoPulses PRO
LogoPulses PRO
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Sign in / Join
Sunday, January 29, 2023
LogoPSU WATCH
Facebook
Linkedin
Twitter
WhatsApp
Youtube
type here...
  • Home
  • News Updates
    • National News
    • States News
    • Opinion
    • Hot & Viral
  • PSU Watch
    • PSU Appointments
    • PSU Events
    • Big Story
    • Life In a PSU
    • Corporate Watch
    • PSU Shares
    • PSU Watch Magazine
  • Defence News
  • Policy Watch
    • Trailblazers
    • Bureaucracy Watch
  • CSR Watch
  • PW Videos
  • हिन्दी न्यूज़
  • Jobs Watch
LogoPSU WATCH
  • Home
  • News Updates
    • National News
    • States News
    • Opinion
    • Hot & Viral
  • PSU Watch
    • PSU Appointments
    • PSU Events
    • Big Story
    • Life In a PSU
    • Corporate Watch
    • PSU Shares
    • PSU Watch Magazine
  • Defence News
  • Policy Watch
    • Trailblazers
    • Bureaucracy Watch
  • CSR Watch
  • PW Videos
  • हिन्दी न्यूज़
  • Jobs Watch
Home National News High crude price adding significant inflationary pressure on India: Pradhan tells OPEC
  • National News
  • News Updates

High crude price adding significant inflationary pressure on India: Pradhan tells OPEC

By
PSU Watch Bureau
-
June 24, 2021
Facebook
Twitter
Linkedin
WhatsApp
    • I reiterated my request of phasing-out production cuts and also emphasised that crude price range remain within reasonable band, said Pradhan
    • The news comes a day after the share of Middle East crude oil in India’s import basket fell to a 25-month low in May as Indian refiners opted to dial down imports from the region

    New Delhi: Minister of Petroleum and Natural Gas Dharmendra Pradhan held a high-level consultation meeting with OPEC Secretary General HE Dr Mohammed Sanusi Barkindo where he flagged concerns over the increasing crude oil prices and its impact on consumers as well as on smart economic recovery. He emphasised that high crude price is adding significant inflationary pressure on India. Both sides discussed recent oil market developments, trends in oil demand recoveries, economic growth forecasts and overcoming energy challenges among other issues of mutual interest, said an official statement released on Thursday.
     
    “I reiterated my request of phasing-out production cuts and also emphasised that crude price range remain within reasonable band, which will be in the collective interests of both consumers and producers and will encourage a consumption-led recovery,” said Pradhan in a tweet after the meeting.

    I reiterated my request of phasing-out production cuts and also emphasised that crude price range remain within reasonable band, which will be in the collective interests of both consumers and producers and will encourage a consumption-led recovery.

    — Dharmendra Pradhan (@dpradhanbjp) June 24, 2021

    Pradhan thanks OPEC for supporting India during COVID-19 2nd wave

    Pradhan conveyed his deep appreciation to Dr Barkindo and to key OPEC partner countries—Saudi Arabia and the UAE — for their support to India during the second wave of the Covid-19 pandemic, especially with supplies of medicines, ISO containers, LMO and vital petroleum products. He expressed happiness on OPEC’s analysis which shows that India will be the fastest growing emerging market economy in 2021. “Happy to note that OPEC’s analysis shows that India is going to be at the centre of incremental global energy demand growth. #OPEC has also highlighted that India will be the fastest growing emerging market economy in 2021,” said Pradhan on Twitter.

    ALSO READ

    1. India’s crude oil production declines 6% y-o-y in May

    2. Private sector drives India’s natural gas production up by 19.11% year-on-year in May

    India has been expanding technical cooperation, exchange of experts and other collaborations with OPEC since the first High-Level OPEC-India Energy.

    The backdrop

    The news comes a day after the share of Middle East crude oil in India’s import basket fell to a 25-month low in May as Indian refiners opted to dial down imports from the region. The share of Middle East dropped to 52.7 percent in May, down from 67.9 percent in April, and was the lowest on record since April 2019. The dip in Middle East’s share in India’s crude oil imports comes after the government asked refiners in March to diversify crude oil sources. The direction was issued after OPEC and its allies, led by top exporter Saudi Arabia, ignored India’s calls to ease supply curbs to cool off global crude oil prices.

    (PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

    • TAGS
    • Crude oil price
    • Dharmendra Pradhan
    • fuel price India
    • OPEC
    • OPEC Secretary General Dr Mohammed Sanusi Barkindo
    • OPEC share India crude oil imports
    Facebook
    Twitter
    Linkedin
    WhatsApp
      Previous articleMIDHANI achieves best ever turnover Rs 813.23 crore in FY 2020-21
      Next articleHere is what SAIL-RSP doing to prevent monsoon-related slowdown
      PSU Watch Bureau

      RELATED ARTICLESMORE FROM AUTHOR

      Alt="Hardeep Singh Puri"

      Puri: ONGC needs to introduce new KPIs for time-bound deliverables, efficiency

      Alt="RINL holds first-ever National Vendor Interaction Program"

      RINL holds first-ever National Vendor Interaction Program

      Alt="Adani Group"

      Index provider MSCI seeks feedback on securities of Adani Group over Hindenburg report

      • Popular
      • Recent
      LogoPSU WATCH

      PSU Watch is a business news brand of 27 Frames Communications LLP. It places the spotlight on PSUs, Governance, Bureaucracy, Defence and Public Policy as the sector traverses through a period of radical change.

      Address :- FF, Suite No.- B-357/A Opposite Metro Pillar No.157, Near New Ashok Nagar Metro Station, New Delhi-110096

      Contact Us :- (+91)-9810990155

      Facebook
      Instagram
      Linkedin
      Twitter
      WhatsApp

      PSU Jobs

      MRVC posts job vacancy for Director (Technical); click for details

      PSU Jobs January 11, 2023

      ITI Limited posts job vacancy for Director (Marketing); apply before March 2

      Jobs Watch January 9, 2023

      BSNL posts job vacancy for Director (HR); apply before March 3

      Jobs Watch December 24, 2022

      हिन्दी न्यूज़

      जल्दी ही एनडीएमसी चेयरमैन का कार्यभार संभालेंगे अमित यादव (IAS)

      राष्ट्रीय खबरें October 26, 2022

      मॉनसून ने रोकी कोयला उत्पादन की रफ्तार, बढ़ी चिंता

      राज्यवार खबरें July 23, 2022

      SECL ने बीते पांच सालों में तीस हजार करोड़ रू. की जीएसटी जमा की

      राज्यवार खबरें July 5, 2022

      Latest News

      Puri: ONGC needs to introduce new KPIs for time-bound deliverables, efficiency

      News Updates January 28, 2023

      RINL holds first-ever National Vendor Interaction Program

      PSU Events January 28, 2023

      Index provider MSCI seeks feedback on securities of Adani Group over Hindenburg report

      Corporate Watch January 28, 2023