June 20, 2018 / 9:33 AM / 5 months ago

India urges OPEC to boost oil exports, wants sustainable prices

FILE PHOTO: A person passes the logo of the Organization of the Petroleoum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger/File Photo

VIENNA (Reuters) - India, the world’s third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as geopolitics affect the output of some producers.

The world faces likely lower oil exports from Iran, OPEC’s third-biggest producer, after U.S. President Donald Trump pulled out of a 2015 nuclear accord with a vow to renew sanctions against Tehran.

India is the biggest oil client of Iran after China.

“Political conditions, sometimes internal and sometimes external, result in reduced output of some countries. We expect from OPEC and its members a commitment to step in (and) more than fill the gap to ensure sustainable prices,” Indian oil minister Dharmendra Pradhan said at a seminar in Vienna.

He said currently high oil prices dent the economic development of many countries.

“The already fragile world economic growth will be at threat if oil prices persist at these levels. My fear is – this will lead to energy poverty in many parts of the world,” he said.

Editing by Dale Hudson

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