(ET)
India, the world’s third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as politics affect the output of some producers. The world faces likely lower oil exports from Iran, 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 Iran’s biggest oil client after China. “Political conditions, sometimes internal and sometimes external, result in 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,” Indian oil minister Dharmendra Pradhan said at a seminar in Vienna. He said currently high oil prices dent the economic development of many countries.
