As international energy costs continue to climb, India has urged the Organisation of the Petroleum Exporting Countries (OPEC) to show consideration for developing nations.
This request was made during conversations between OPEC Secretary-General Haitham Al Ghais and Union Minister of Petroleum and Natural Gas Hardeep Singh Puri.
"Discussed the global energy scenario in my meeting with OPEC SG, HE #HaithamAlGhais," Hardeep Singh Puri tweeted on X. About 60% of India's crude oil imports, totaling $101 billion, come from OPEC countries, along with other petroleum products. I emphasised the necessity of guaranteeing inexpensive energy access for societal advancement.
Puri emphasised the concerted efforts made by the international community to stabilise prices and ensure sustainability for producers during the pandemic, when crude oil prices plummeted. He added that oil-producing nations should exhibit the same sensitivity as the world faces the possibility of an economic recession and slowdown.
"When crude oil prices collapsed during the pandemic, the entire world banded together to stabilise the market so that the producers could make a living. Now when the world economy is on the verge of recession and slowing, oil producers must exhibit the same consideration for the consumer nations, according to Puri.
Puri added that the discussions covered the sovereign rights of nations that produce and sell oil to choose their own production levels. He highlighted, however, that these choices are bound by the notion of consequences, both planned and unforeseen.
It should be mentioned that the price of crude oil has increased significantly in recent months as a result of production curbs by major oil-producing countries. The global economy may be negatively impacted by rising crude oil prices, particularly for big oil-importing nations like India.
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