India has already requested OPEC and its allies, including Russia to immediately restore the output that was substantially cut to stabilise crude prices when the Covid-19 pandemic began raging and most of the global economies were under lockdowns
By Rajeev Jayaswal, Hindustan Times, New Delhi
UPDATED ON FEB 22, 2021 07:20 AM IST
India may make diplomatic efforts to organise oil-consuming countries against the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) as producers keep crude prices artificially high by restricting supply, and also plans to resume import of cheaper energy from countries such as Iran and Venezuela to counter the oil cartel, two officials said.
Domestic fuel prices have spiked because of rising energy demand after rapid recovery of major economies from the impact of the Covid-19 pandemic, but the oil cartel continues to restrict supply, which is a major concern for New Delhi, they said on condition of anonymity.Read more…
