India asks Russia to help balance oil market

India asks Russia to help balance oil market

Agency News

Moscow, Aug 30: India on Friday urged Russia to use its presence in the oil producers’ cartel OPEC Plus to balance the global oil market by ensuring adequate supply with reasonable price. Oil Minister Dharmendra Pradhan during a meeting with his Russian counterpart Alexander Novak reviewed the entire spectrum of oil and gas cooperation and discussed the price volatility in global oil market that was hurting the interests of both consuming and producing nations.

“Also conveyed our expectation that Russia, as member of the OPEC Plus, can play an important role in balancing global oil market both in terms of ensuring adequate supply as well as in having responsible and reasonable price,” Pradhan said in a tweet. Both the minister met with over 20 CEOs and senior representatives of Indian and Russian oil and gas companies in public and private sector, seeking investments in Indian refining.

He also met Alexander Frolov, CEO of EVRAZ Group, and explored avenues of cooperation with Indian steel companies in areas of coal sourcing, mining, steel production and technology transfer.(UNI)