Vienna: India , the world’s third-biggest oil consumer, on Wednesday pressed Opec nations to move to responsible pricing of oil and gas saying the present rates are far detached from market fundamentals. Speaking at an Opec seminar, oil minister Dharmendra Pradhan said, often global trade practices in the field of oil and gas are not contributing to energy access and affordability to all. “Political conditions, sometimes internal and sometimes external, result in reduced output of some countries. ...expect from Opec and its members a commitment to step in (and) more than fill the gap to ensure sustainable prices," he said.
Stating that current high oil prices dent the economic development of many countries, he said 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. Pradhan said the world has for too long seen prices on a roller coaster and interventions which are detached from market fundamentals.