Petroleum Minister Dharmendra Pradhan urges crude-exporting countries to ease production cuts

Union Petroleum Minister Dharmendra Pradhan (File Photo)

At a time when the international crude oil prices are on a rising trend leading to an increase in fuel prices, India’s Petroleum Minister Dharmendra Pradhan has urged the oil-exporting countries to ease production cuts.

“I am appealing for easing production cuts by the key oil exporting countries including the OPEC and OPEC-plus group. I have always maintained that price should be reasonable and responsible also,” Pradhan said addressing an International Energy Forum summit on February 17.

Major global oil producers had cut output last year owing to a sharp fall in demand due to COVID-19 pandemic. Even after the demand picked up oil-producing countries continued with the production cut to raise crude prices. In a similar effort, Saudi Arabia too had cut its oil production by one million barrels per day.

Hinting to the rising fuel prices in the country, Pradhan said that price-sensitive Indian consumers are affected by the rising petroleum product prices and it affects the demand growth in an aspirational economy like India. Brent crude price was seen at $64.59 a barrel at one point on February 17, against a low of $19 a barrel in April. “Time has come once again for allowing the collective interest of both producing and consuming countries. We need to adopt a balanced approach at this juncture,” Pradhan added.