Photo caption: OPEC logo
India, the world’s third biggest oil importer and consumer, imports over 80% of its oil needs from overseas
India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation’s oil secretary Pankaj Jain said on Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil output increase for October and November and said they could further pause or reverse the hikes if needed.
India, the world’s third biggest oil importer and consumer, imports over 80% of its oil needs from overseas.
Fuel demand in India is rising and Jain said the country wanted OPEC and its allies, including Russia, to raise oil output.
Asked if India will consider buying more oil from Russia, he said refiners will buy oil from suppliers that offer cheaper rates.
India became the top buyer of Russian oil in July, surpassing China.
Jain said Indian fuel retailers would consider cutting pump prices of gasoline and gasoil if crude oil prices remained subdued.
