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India Raises Oil Market Volatility Concerns With Producers

OIL

India has raised its concerns over volatility in global oil markets to major oil producers and consumers, oil minister Hardeep Singh Puri told lawmakers on Thursday.

  • "Government has been taking up the issue, bilaterally, with crude oil producing countries, with OPEC and with heads of other international fora to convey India's serious concerns over crude oil price volatility," Puri said.
  • India is the third largest oil importer and consumer and relies on imports for 80% of its oil needs, according to Reuters.
  • In India, high oil prices have hit the profitability of the government- controlled retailers that have not revised petrol and diesel pump prices since last year to protect customers and hold back inflation.
Energy BulletsCommodities
Energy BulletsCommodities

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