OPEC ignores India’s call; Saudi Arabia asks New Delhi to use cheap oil it bought last year to cool prices

International oil prices rose after OPEC and its allies ignored India’s plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year. Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to USD 67.44 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed not to increase supplies in April awaiting more substantial recovery in demand. India’s Oil Minister Dharmendra Pradhan had in the run-up to Thursday’s OPEC meeting urged the producers’ group to ease production curbs to fulfil their promise of stable oil prices. He felt rising international oil prices were hurting economic recovery and demand. Responding to a question on India’s pleas, Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased at very cheap rates last year. “With regard to India, very simple. I would ask my friend that he withdraw some of the cheap oil that they bought in April, May and June (last year),” the… Read full this story

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