India, the world's third-largest oil consumer, has expressed its concern to OPEC countries about increasing oil prices, which are threatening to derail the country's nascent economic recovery following the deadly COVID-19 pandemic.
New Oil Minister Hardeep Singh Puri telephoned OPEC nations and conveyed the desire for an affordable price for consumers. He took to his Twitter and wrote, "Had a warm and friendly discussion with His Royal Highness, Prince Abdul Aziz bin Salman Al Saud, Minister of Energy of Saudi Arabia on strengthening bilateral energy partnership and developments in the global energy markets."
He further added that "I conveyed my desire to work with His Royal Highness Prince Abdulaziz to bring greater predictability and calm in the global oil markets, and also to see hydrocarbons become more affordable."
Saudi Arabia is the world’s largest exporter of crude oil and India’s second-biggest source after Iraq.
Hardeep Singh Puri telephoned UAE Minister of Industry Ahmed Al Jaber, the CEO of Abu Dhabi National Oil Co (ADNOC), on July 14 to ask the UAE's help in lowering the prices.
The cost of petrol crossed Rs. 100-a-litre mark in more than 18 states and union territories, while diesel is being sold at over Rs 100 a litre in Rajasthan and Odisha.
Puri, a former diplomat, is largely expected to ease tensions between oil-producing countries in general and Saudi Arabia in particular. The alliance was expected to agree to expand production by 500,000 to 700,000 barrels per day, but the decision was postponed because the UAE and Saudi Arabia disagreed on the baseline for such an output increase. So, it is expected that in the coming days, the rates of petrol and diesel may decrease.