OPEC says it has not failed India, provided mkt stability

NEW DELHI: A day after Prime Minister Narendra Modi voiced concerns about high crude prices, oil cartel OPEC Tuesday said it has not failed India and other major consuming countries as it restored stability in the market after four years of downturn.


The Organisation of Petroleum Exporting Countries (OPEC) secretary general Sanusi Barkindo, however, said the stability achieved in past month is being threatened by headwinds from extraneous factors like frictions between leading trading partners of the world, revision of monetary stimuli and upward movement in interest rates.

Speaking at the India Energy Forum, he said a year ago Prime Minister Modi, oil minister Dharmendra Pradhan and industry chieftains had “all commended the joint effort of OPEC and non-OPEC to rescue the industry from the downturn”.

“India, the third-largest consuming country of hydrocarbon, has endorsed this collaborative effort to restore stability to the oil market and had, in addition, asked to do whatever is necessary to sustain this stability going forward,” he said.

Without stability, major consuming countries cannot plan, let alone manage, demand-supply dynamics.

“We have not failed India, we have not failed major consuming countries. Our actions, decision all take into account the interest of consuming country,” he said. We have a vested interest in India continue to grow, prosper, continue to use oil in its energy mix.” On Monday, Modi had voice concerns about high oil prices killing global growth at a meeting where Saudi and UAE oil ministers as also industry captains were present.