PM Modi's views taken seriously by OPEC; Cartel to rethink on Oil prices

 

 

Veinna, December 7: The oil cartel OPEC will consider the views of the world leaders including Indian Prime Minister Narendra Modi before taking a decision on cutting output to support falling prices today. Saudi oil Minister Khalid al-falih said that the cartel takes the views of Prime Minister Modi seriously who is equally vocal about the issue like US President Donlad Trump.

  

 

Saudi Minister said that during his meeting with PM Narendra Modi at the G20 summit in Buenos Aires, Argentina, the point was clear that Saudi cares and is serious about the Indian consumers. “PM Modi has been very vocal about the issue at various energy issues. India is world’s 3rd largest consuming nation which is more than 80 percent dependent on imports to meet it’s energy needs”, said Saudi oil Minister Khalid al-falih.

 

 

OPEC on Thursday delayed a decision on production until it meets with other producers today in Veinna, Austria. “Well, President Trump is the president of the largest consuming country in the globe counting 21 million (barrels), I believe, or thereabouts. That's 20 per cent of global markets if not more. And the consumer in the US, just like the consumer in France, just like the consumer in India, just like the consumer in Saudi Arabia, wants affordable energy. So, he (Donald Trump) has every right to wish for affordability of energy for the citizens of the United States and he is very vocal using his favourite communication tool which is Twitter and we hear him and we take his views seriously," he added further. 

 

 

 

However in the statement by the Organisation of Petroleum Exporting Countries , the company mentions, “As we look forward to 2019, we see a new set of challenges. This includes the general consensus that prospects point to higher supply growth than expected global requirements and there are signs of a potential slowdown in demand.”

 

 

“Today, it is vital that we thoroughly examine the potential gap between supply and demand in 2019, and how this might impact inventory levels and the extremely ‘hard won’ market balance we have achieved over the past two years. We need to focus our joint efforts on maintaining the balanced market we achieved in 2018; sustaining the stability we all desire; and, ensuring that there is a firm foundation to allow the industry to make the necessary investments to continue to meet expected future oil demand.”, added the company in it’s statement.

 

 

Members of OPEC concluded their meeting in Vienna, without deciding on output-cut figures. It plans to debate output figures with non-OPEC producers during their meeting today.