OPEC braces for Vienna talks, India hopes for fair oil pricing

The talks will be regarding reversing a landmark pact curbing oil output, with Iran pushing back against Saudi Arabia and Russia's call to ramp up production again.

The energy ministers of OPEC and non-OPEC countries will hold talks on Friday and Saturday to discuss reversing a deal that has been in place for 18 months and that helped lift oil prices to multi-year highs.
 
The talks will be regarding reversing a landmark pact curbing oil output, with Iran pushing back against Saudi Arabia and Russia's call to ramp up production again.
 
US is pressurising Saudi Arabia to pump up oil production as Trump hopes to keep oil prices low ahead of November's mid-term elections.
 
However, resistance is being led by Iran, who believes that reversing the deal could push down oil prices and impact its country's oil exports. 
 
India, on the other hand, said it expects a “responsible” approach from its suppliers.
 
In an interview in Autrian capital, oil minister Dharmendra Pradhan commended a proposal made by top producers Saudi Arabia and Russia to gradually ease the group’s supply curbs after prices rose to hit $80 a barrel last month.
 
India is the world’s third-largest oil consumer.
 
“High prices are pinching our economy, pinching our country,” Pradhan said. “I think our supplying friends have taken notice of that.” 
 
India believes that $55 to $60 a barrel is a reasonable price level for now, he said. Brent crude, the benchmark for more than half the world’s oil, was trading near $75 a barrel on Wednesday.
 
Source: Media reports

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