TIL Desk/World/Vienna/ Oil cartel Organisation of Petroleum Exporting Countries will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices, Saudi oil minister Khalid Al Falih said on Thursday.
India is the world’s third largest oil consuming nation, which is more than 80 per cent dependent on imports to meet its energy needs. Led by Modi, it has been very strongly making a case for oil producers’ cartel OPEC to price crude at reasonable and responsible rates. Speaking to reporters at the meeting of the OPEC, he said: “We take the views of Prime Minister Narendra Modi seriously who (like US President Donald Trump) is equally vocal about the issue.
“We just met him in Buenos Aires (during G20 summit) and privately he made those points very very strongly that he does care for Indian consumers and is very serious about it. I have also seen him at three times at various energy events in India where he was very vocal.” He was replying to a question on US President’s expectations from OPEC meeting.
OPEC on Thursday delayed a decision on production until it meets with other producers on Friday. Following this, crude oil prices traded sharply lower. Growing concerns that oil producers won’t reach an agreement to aggressively reduce production has also weighed on prices. West Texas Intermediate crude for January delivery lost $2.30, or 4.4 per cent, to $50.59 a barrel on the New York Mercantile Exchange. Members of OPEC concluded their meeting in Vienna, without deciding on output-cut figures. It plans to debate output figures with non-OPEC producers during their meeting Friday.
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