Ahead of next week’s OPEC+ meeting to determine production policy, Puri blamed major producers for keeping supply short of demand.
India said on Friday that oil-producing countries cannot hold consumers for ransom, underscoring the country’s growing frustration with OPEC+ for not raising output to lower prices.
India, the world’s third largest oil importer and consumer, imports about 85% of its oil needs and has been badly hit by rising oil prices. However, concerns about a new COVID-19 variant in South Africa eased oil prices on Friday.
“Producing countries cannot hold consuming countries for ransom for various reasons. We will transition and we will produce our own and in the short term we will also deal with this by re-orienting our priorities.” India’s Oil Minister Hardeep Singh Puri said at an industry awards function.
The nation has repeatedly urged OPEC+, including countries belonging to the Organization of the Petroleum Exporting Countries and allies, including Russia, to increase production to calm prices.
Ahead of next week’s OPEC+ meeting to determine production policy, Puri blamed major producers for keeping supply short of demand.
India on Tuesday announced plans to release oil from strategic reserves in an effort to cool prices.
Puri said in a separate program organized by Republic TV that oil prices as part of OPEC+ are set by Saudi Arabia, UAE and Russia.
“They have placed the supply curve below demand. They are saying it is temporary for one to two months, after that there will be more supply than demand,” Puri said in Hindi at the Indian Economic Summit organized by Republic TV.
He said India will continue to be a major driver of global energy demand for the next 20 to 30 years, while taking planned steps to move closer to green energy.
“We have told producing countries that if you do not take precautions you will be in a situation where your desire to maximize profits in the short term will undermine the global economic recovery,” he said. “If the global economic recovery weakens, to whom do you sell oil?”
India, along with other major oil consumers China, Japan, South Korea and the United States, on Tuesday announced plans to release oil from strategic reserves in an effort to cool prices.
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“The strategic oil release, whether symbolic or real, I do not know, but it is a very bold step,” Puri said.
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