India, the world’s third-largest importer of crude oil, wants oil-producing and major oil-consuming countries to sit down and discuss the price of oil and how to stabilize it, Indian Oil Minister Hardeep Singh said Puri. Reuters Monday.

India, which depends on crude imports to cover more than 80% of its oil consumption, has sought crude at favorable prices in recent years amid high market volatility.

Cheaper crude is the main reason why India has significantly increased its purchases and imports of Russian oil, which is shunned and/or sanctioned in the West. In two years, Russia has become India’s leading supplier of crude oil and its sales there are booming. Russia is far ahead of the second and third largest suppliers, Iraq and Saudi Arabia.

India and other major consumers need predictability and stability in oil prices, Indian Oil Minister Puri told Reuters today on the sidelines of the ADIPEC energy conference in Abu Dhabi.

“I hope that as a professional, everyone in this game will see a reason why…producers and consumers can sit down together, have a discussion about what a realistic price is, because this “It’s not as if some production has taken off,” the minister told Reuters.

OPEC+ producers who are voluntarily reducing their production and who planned to start easing part of the production cuts from December 2024, are now postponing the increase in supply by one month, until January 2025, according to OPEC. said on Sunday.

News of the month-long delay was immediately registered in the oil market Monday morning, with oil prices climbing 3% and WTI crude returning above $70 a barrel after stabilizing below 70 dollars Friday.

There is no shortage of oil globally as new producers enter the market and old producers increase production, Puri told Reuters.

“So I think we need stability and predictability,” the minister noted.

By Charles Kennedy for Oilprice.com

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