Saudi Oil Minister Khalid Al Falih on Thursday (6 December) told reporters that the Organisation of Petroleum Exporting Countries (OPEC) will seriously consider the concerns expressed by Prime Minister Narendra Modi and other world leaders before make a final decision to cut oil production to support plummeting crude prices, reports News 18.
India is currently the world’s third largest oil consumer, and imports more than 80 per cent of its domestic fossil fuel requirements. Modi has been very vocal about how OPEC must ensure stability and reasonable prices in international crude markets.
"We take the views of Prime Minister Narendra Modi seriously who (like US President Donald Trump) is equally vocal about the issue. We just met him in Buenos Aires (during G20 summit) and privately he made those points very very strongly that he does care for Indian consumers and is very serious about it. I have also seen him at three times at various energy events in India where he was very vocal," Falih commented while interacting with journalists at an OPEC meeting.
US President Donald Trump has also unequivocally demanded stability in world energy markets. "Hopefully, OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!," he tweeted ahead of the OPEC meeting.
Over the last two months, crude prices have seen a reversal of the 2018 bull market, with all major oil benchmarks collapsing in tandem to levels last seen in 2017.