Oil Minister: oil producing nations cannot hold consumers to ransom

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Oil Minister Hardeep Singh Puri said on Friday that oil-producing countries are not holding consumers to ransom, underlining the nation’s growing frustration with OPEC+ for not raising production to cool prices.

India is the third-largest of the world oil importers and consumers and imports approximately 85 % of its oil needs and has been hit hard by escalating oil prices. 

However, Oil prices eased on Friday on concerns about a new Covid-19 variant detected in South Africa.

He said the oil-producing nations are not able to hold the consumption of the nation to require for various causes. 

We will ensure the advancement, and we will do our production, and in the short-term, we will also deal with it by re-orienting our superiorities.

India has repeatedly demanded on different countries are relating to the Organization of Petroleum Exporting Countries and allies, including Russia to boost production to calm prices.

Ahead of the OPEC+ meeting next week to set output policy, Puri accused the pivotal producers of keeping supplies lower than demand.

Oil prices were compound by UAE, Saudi Arabia, and Russia as a part of OPEC+, Puri said. 

Puri said at the Indian Economic Summit hosted by Republic TV, They have kept the supply curve below oil demand, and also they are saying that it’s temporary for one to two months. 

After that, there will be more further supply available than demand. 

He said India would continue to be an influential driver of global energy demand for the next 20 to 30 years despite planned steps to move closer to green energy. 

He said with added, we have to discuss oil-producing countries if you don’t exercise caution, you will be in an exceedingly where your desire to maximize profit in the short run will undermine the global economic recovery. 

If global economic recovery gets threatened, then to whom do you sell the oil?

India, simultaneously with other massive oil consumer’s are the United States, China, Japan, South Korea, and stated the plans to release oil from strategic reserves in an attempt to cool prices. 

Puri also delivered his statement that the release of strategic oil, I don’t know, whether it is symbolic or literal,  but it is a very strong move.

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