Live
- PM Modi brought honour to Constitution: Karnataka BJP
- Did Cong sink MVA in Maharashtra? Data crunching throws up interesting details
- RCB's IPL 2025 Squad: Star Players, New Additions, and Exciting Leadership Change
- Sensex settles flat at 80,004, auto shares slide
- North Korea cuts power lines installed by South Korea
- Blood-like liquid on roads in Hyderabad’s Jeedimetla sparks panic
- Detrimental to interests of people: Priyanka Chaturvedi on delay in naming Maha CM
- Ecclestone, Sciver-Brunt gain big in ICC Women's T20I Player Rankings
- 'Scam of Rs 46,300 crore in BBMP', K'taka BJP leader files complaint with ED
- Govt’s bank guarantee waiver to cut financial burden on telcos, boost digital infra: Industry
India to wait and watch impact of oil producers' output cut: Pradhan
India on Tuesday announced a waitandwatch position on the the Organization of the Petroleum Exporting Countries OPEC and nonOPEC producers decision last week to lower their production of crude oil by 12 million barrels per day for a sixmonth period
New Delhi:India on Tuesday announced a "wait-and-watch" position on the the Organization of the Petroleum Exporting Countries' (OPEC) and non-OPEC producers' decision last week to lower their production of crude oil by 1.2 million barrels per day for a six-month period.
The output cut decision, which was spearheaded by Russia, will come into effect on January 1.
"Let us wait and watch to see what happens next," Petroleum Minister Dharmendra Pradhan told reporters here on the sidelines of global advisory firm KPMG's energy summit, in reply to a query on whether the proposed production cuts would result in a rise in oil prices.
"The sanctions on Iran (started in November) had created jitters among big consuming countries like India, but our position is that lowering or rationing of oil production should not be something to benefit one side only... consuming countries' interests should also be taken into consideration," he said.
"Any kind of rationing creates sentiment issues (market), so it is definitely a cause for worry. But we are still at an early stage, let us wait and see the impact."
After the oil producers' decision in Vienna on Friday, Bijan Zanganeh, Oil Minister of Iran, which is under US sanctions following Washington's unilateral withdrawal from the nuclear deal, said he was satisfied with the fact that the Gulf nation remained exempt from the commitment to reduce oil production.
To a query about India's payment mechanism to purchase oil from under-sanctions Iran, Pradhan said the Finance Ministry is working out the details which would be spelt out at an appropriate time.
