Opec ignores India's call; Saudi asks New Delhi to use ch oil it bought last year
NEW DELHI: International oil prices rose after Opec and its allies ignored India's plea to ease production control, with Saudi Arabia asking New Delhi to instead use oil it bought at rock bottom rates last year.
Brent crude, the most widely used benchmark, on Friday rose nearly 1 per cent to $67.44 a barrel after the Organization of the Petroleum Exporting Countries (Opec) and its allies, a group known as Opec+, agreed not to increase supplies in April awaiting more substantial recovery in demand.
最广泛使用的基准布伦特原油上周五上涨近1%，至每桶67.44美元。此前，石油输出国组织(Opec)及其盟友欧佩克+ (Opec +)同意在4月份不再增加石油供应，以待需求进一步复苏。
India's oil minister Dharmendra Pradhan had in the run-up to Thursday's Opec meeting urged the producers' group to ease production curbs to fulfil their promise of stable oil prices.
He felt rising international oil prices were hurting economic recovery and demand.
Responding to a question on India's pleas, Saudi energy minister Prince Abdulaziz bin Salman at a press conference after the OPEC+ decision on Thursday said New Delhi should take some of the crude out of storage that they had purchased at very ch rates last year.
"With regard to India, very simple. I would ask my friend that he withdraw some of the ch oil that they bought in April, May and June (last year)," the Saudi minister said. "There is an opportunity cost for not withdrawing it now."
India had purchased 16.71 million barrels of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka. The average cost of that crude purchase was $19 per barrel, according to Pradhan's written reply to a question in the Rajya Sabha on September 21, 2020.
Retail petrol and diesel prices, which already are at historic highs, should rise if the oil companies decide to pass on the surge in international oil prices to consumers.
Slap on Feku's face. How can he tell the Saudis that though he bought the Oil at low price, he sold it at very high price to Indian Public ?
It is good that oil price increased. Stop using petrol, it is bad for the environment. It is much healthier to walk or ride a bike.
But about 70% of the fuel price is govt taxes, why not reduce them?
hahaha the slaps on indias face. Saudi doesn't give a damnn about modiji hugs and dr
The solution is to go ric vehicles
EV are expensive
Buying for $19 per barrel and selling at Rs95/petrol. Is govt doing business?
The oil reserves India filled was necessary for future emergency like war or disaster where we can use our savings.
Opec is greedy organization. They want the oil prices go up all over the world so that profit is increased.
Now Modi will say give me another term of five years in 2024 , I will set every thing in 2029.
Now even other countries started exposing india while indian govt in denials of everything n just blaming past 70 years govt
so, some truth has come out, that, India is having a big stock bought at 19$ per brent. seems like price will go down one week before ion.
We need to start a national level movement to shift to EVs. At least let us start reducing our dependence on these mafia countries. Of course it cant be 100% but lets start.
both state and central go nment's are exploiting the people.
Saudi Arabia isn't wrong. The prices of petrol have been artificially inflated in India by dint of taxes and cesses. Why is it rational to expect oil producing countries to increase production and reduce profits just to help other countries?
This refilling period might have coincided with low oil prices. If India empties its reserves, it will not be good for national security.
No other way for go nment. They either reduce excise duty and stop looting people or use up the reserves. Better start importing from Iran or other sources rather than depending on Saudis