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11
December 2018
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OPEC (The
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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. The Total Investment & Insurance Solutions
"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." The Total Investment & Insurance Solutions
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. The
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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.The Total Investment & Insurance
Solutions
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