India expects reasonable oil prices from OPEC

India expects reasonable oil prices from OPEC

India expects reasonable crude oil price from OPEC member countries, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan told Secretary General of OPEC Mohammad Barkindo.

"I have reiterated in the meeting that India as an emerging and big market expects reasonable price. We know for the continuous production, there must be price stability. Price stability must also be in the interest of consumers. This is the consistent stand India is taking," Pradhan said, briefing media about the meeting.

The minister hoped that OPEC will understand India’s point of view. During the meeting, Pradhan reiterated that OPEC should work towards “Responsible Pricing” which is important for India for socio-economic and developmental reasons, the Indian Express reported.

Pradhan highlighted that in today’s oversupplied market, it was important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centers. He emphasised India’s earlier view of ‘Asian Dividend rather than charging Asian Premium’ on the crude supplied to India and said that countries like India should actually be the “preferred destination” for OPEC.