India, the world’s third-largest oil consumer and importer, on Wednesday requested the OPEC nations to fill the supply gap and find means to ensure sustainable oil prices as geopolitics affects the output of some producers.
The world is likely to face lower oil exports from Iran that is OPEC‘s third-biggest producer after US President Donald Trump pulled out of a 2015 nuclear accord with a vow to renew sanctions against Tehran.
India is the biggest oil client of Iran after China.
“Political conditions, sometimes internal and sometimes external, resulting in a reduced output of some countries. We expect from OPEC and its members a commitment to step in (and) more than fill the gap to ensure sustainable prices,” oil minister Dharmendra Pradhan said at a seminar in Vienna.
He said currently high oil prices dent the economic development of many countries.
“The already fragile world economic growth will be at threat if oil prices persist at these levels. My fear is – this will lead to energy poverty in many parts of the world,” he said.
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