(ET)
Oil Minister Dharmendra Pradhan said the Organization of Petroleum Exporting Countries (OPEC) being a dominant supplier of crude oil has the responsibility to maintain supply equilibrium. In a strongly worded speech delivered at the 7th international OPEC meet in Vienna, he said the world has for far too long seen spikes and interventions in the oil market which are detached from market fundamentals and the time has come to move towards responsible prices.
“The world has for far too long seen a rollercoaster in prices and interventions which are detached from market fundamentals. It is high time to move towards responsible pricing, one that balances the interests of both producer and consumer,” Pradhan said.
The minister added that there have been frequent incidents of global trade practices in the field of oil and gas which are not aligned towards providing energy access, affordability and have become a hindrance sustainability.
