India again urges OPEC to phase out oil output cuts
Indian Oil Minister Dharmendra Pradhan on Thursday again urged the Organization of the Petroleum Exporting Countries to phase out crude output cuts as high prices are stoking inflation.
India, the world's third biggest oil importer and consumer, relies on overseas supplies for over 80% of its oil needs. Indian retail fuel prices have jumped to a record high due to higher oil prices and heavy local taxes.
In a series of tweets after a virtual meeting with OPEC Secretary General Mohammad Sanusi Barkindo, Pradhan said oil prices should remain within a reasonable band to encourage a consumption-led recovery from the coronavirus pandemic.
Earlier this year New Delhi repeatedly blamed oil output cuts by Saudi Arabia and other major producers for driving up crude prices as its economy tries to recover from the pandemic.