Dharmendra Pradhan, Minister of Petroleum and Natural Gas of India, expressed his dissatisfaction regarding the decision made by the Saudi Arabia-led OPEC on Friday for maintaining their production cuts till April 2021.

Pradhan spoke that OPEC has brought disappointment for consumer countries in their last two-three meetings. Their decision is not satisfying, especially for consumers in India, Japan, China, and other Asian countries.  On its meeting held on March 4, OPEC decided to maintain the production cuts despite India’s demands over the past few weeks.  He further stated about Russia and Kazakhstan having decided to marginally increase their production, telling OPEC that they again are appealing to producing countries that alternatives will be found if they keep pushing on, and it is not in either of our interests.

As the oil-producing countries continue to restrict the supply, international crude prices have risen back up. Also, combined with the central government’s heightened excise duties on petrol and diesel that were imposed last year during a crude price drop, has eventually led to an all-time high retail price for the Indian consumers.