Oil prices rise amid OPEC comments

Pradhan reiterates need for 'responsible crude pricing' to OPEC chief

Pradhan reiterates need for 'responsible crude pricing' to OPEC chief

Saudi Arabia, the world's top crude exporter, is leading the Organization of Petroleum Exporting Countries and other producers including Russian Federation in paring output under a deal that helped propel oil into a bull market in September. He held a meeting with Pradhan here wherein they discussed the current scenario of oil and gas industry of the world and exchanged notes on the recent developments.

Investors, however, weighed the bullish comments against expectations of an uptick in U.S. shale output as the rise in crude oil prices - above $50 a barrel - has spurred drilling activity.

In a blog post yesterday, the US State Department said increased Indian purchases of US crude oil are a direct outcome of the June visit of Modi to the White House during which the leaders committed to expanding and elevating bilateral energy cooperation through a Strategic Energy Partnership.

According to a statement, from the Prime Minister's Office, Modi said there is a need to develop energy infrastructure and provide access to energy in eastern India as the status of the energy sector in India was highly uneven.

Pradhan had earlier raised the issue of premium being charged on oil supplied to Asian countries by some OPEC members when the two last met in Vienna in May this year for the 2nd India-OPEC Institutional Dialogue.

Pradhan highlighted that in today's oversupplied market, it was important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centers.

India's engagement with OPEC is an important as India sources about 86% of crude oil, 75% of natural gas, 95% of LPG from OPEC member countries.

Crude oil prices fell in Asia on Wednesday as investors looked ahead to official US inventory figures after industry estimates showed a highly bearish build in gasoline supplies.

"Three Indian public sector refineries have already placed a cumulative order of 7.85 million barrel from the US".

He said the export of United States crude oil to India will create jobs, economic stability and national security in both countries. The OPEC delegation was also informed of the recent import of 2 cargos of crude oil from U.S. to Indian refineries.

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