India to urge oil exporters to raise crude output for price relief at CERA Week

Asia's Tech News Daily

In the upcoming international energy event scheduled later this week, India will reiterate its request to oil producing countries to increase their output which will bring down global crude prices, top government officials said. The price of Indian basket of crude is currently at $ 82.3 per barrel, up from $ 69 a barrel in mid-August, supported by global demand recovery and limited production from major oil exporting nations.

Crude oil import by India in April-August was 83.8 million tonne, recording an annual rise of 13.2%. Due to increase in global crude oil rates, the value of the import was $42.2 billion, 137% higher than the same period in 2020.

“Major oil producers have consciously decided to keep supply lower than demand,” an official said, adding that “prices are likely to go up further till the exporting countries decide to raise output”.

The ‘India Energy Forum’ by CERAWeek is scheduled to begin from Wednesday, and participants include Organization of Petroleum Exporting Countries (OPEC) secretary general Mohammad Sanusi Barkindo, Jennifer M Granholm, secretary of energy of United States department of energy, United Arab Emirates’ (UAE’s) minister of industry and advanced technology Sultan Ahmed Al Jaber, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman Al-Saud, minister of energy and Saad Sherida Al-Kaabi, Qatar’s minister of state for energy affairs.

The government has already taken up the issue of high crude oil prices bilaterally with crude oil producing countries and with OPEC for bringing down the prices. Union minister of petroleum and natural gas Hardeep Singh Puri has been communicating the concerns of high crude price with the energy ministers of Saudi Arabia, the UAE, Kuwait, Bahrain and Russia, ministry officials said.

Global crude prices had temporarily corrected in August after the OPEC plus group, in mid-July, agreed to increase crude oil output by 0.4 million barrels per day from August to December-end. However, the price trajectory started ascending soon after, on global demand rise surpassing supply volumes.

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