Government Asks OPEC+ To Fulfill Promise Of Price Stability: Oil Minister© business-standard.com

Government Asks OPEC+ To Fulfill Promise Of Price Stability: Oil Minister

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India, the world's third largest oil importer and consumer, wants major OPEC+ producers to boost output in order to fulfill their promise of stable crude markets, the nation's oil minister Dharmendra Pradhan said on Wednesday.

Mr Pradhan said at the CERAWeek conference by IHS Markit that India, where fuel demand is recovering to pre-pandemic levels, would like to rely on reasonable and responsible oil prices.

Oil prices have recovered from last year's price crash spurred by the pandemic, helped by production cuts by the OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia.