NEW DELHI: India on Wednesday urged its long time ally Russia to take into account the interest of energy consuming nations during its engagement with Organization of the Petroleum Exporting Countries (Opec). This was articulated by India’s petroleum minister Dharmendra Pradhan during a telephone call with Russia’s energy minister Alexander Novak after the Opec plus arrangement extended its compact for production cuts. This production cut extension will have a wide-ranging impact on energy markets, given that Opec accounts for around 40% of global production. This also comes against the backdrop of sanctions on Russia, where India owns stakes in significant hydrocarbon assets. “The Ministers reviewed the investments in hydrocarbon sector recognizing that India and Russia are one of the largest investors in each others’ hydrocarbon sector.

Source: Mint July 03, 2019 18:31 UTC