NEW DELHI, Sept 12 (Askume) – Indian Oil Minister Pankaj Jain said on Thursday that India wants OPEC and its allies to raise oil output as many countries including India are demanding more fuel.
The Organization of Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, agreed last week to suspend
India is the world’s third-largest oil importer and consumer, importing more than 80% of its oil needs from abroad.
India’s fuel demand is growing and Jain said the country wants OPEC and its allies, including Russia, to increase oil production.
Asked if India would consider buying more oil from Russia, he said refineries would buy oil from cheaper suppliers.
In July, India overtook China to become the biggest buyer of Russian oil.
Jain said Indian fuel retailers would consider cutting petrol and diesel prices if crude oil prices remain low.
