Oil guzzler India says OPEC+ decision to hit economic recovery | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
July 25, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Get the Paper
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JULY 25, 2025
Oil guzzler India says OPEC+ decision to hit economic recovery

Global Economy

Reuters
05 March, 2021, 10:45 pm
Last modified: 05 March, 2021, 10:48 pm

Related News

  • Dhaka always wanted good working relationship with Delhi: Foreign adviser
  • Britain and India sign free trade pact during Modi visit
  • Man arrested for running fake embassy in India, duping people with job promises
  • AL leaders postpone 'Bangladesh genocide' conference in Delhi
  • Hundreds of Muslims unlawfully expelled to Bangladesh from India: HRW

Oil guzzler India says OPEC+ decision to hit economic recovery

Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months in reaction to the decision

Reuters
05 March, 2021, 10:45 pm
Last modified: 05 March, 2021, 10:48 pm
The logo of the Organization of the Petroleum Exporting Countries (OPEC) on a flag at the oil producer group's headquarters in Vienna, Austria, December 7, 2018. Photo:Reuters
The logo of the Organization of the Petroleum Exporting Countries (OPEC) on a flag at the oil producer group's headquarters in Vienna, Austria, December 7, 2018. Photo:Reuters

India, the world's third-biggest oil importer and consumer, on Friday said the decision by major producers to extend output cuts as prices move higher could threaten the consumption led-recovery in some countries.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, agreed on Thursday not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic.

Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months in reaction to the decision.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"As one of the largest crude-consuming countries, India is concerned that such actions by producing countries have the potential to undermine consumption-led recovery and more so hurt consumers, especially in our price-sensitive market," Minister for Petroleum and Natural Gas Dharmendra Pradhan told Reuters.

India, hit hard by the soaring oil prices, has urged producers to ease output cuts and help the global economic recovery.

"The decision by OPEC+ has saddened us. It is not good news for India, China, Japan, Korea and other consuming nations," Pradhan said.

Rising oil prices are posing fiscal challenges for India, where heavily-taxed retail fuel prices have touched record highs in some parts of the country, threatening the demand-driven recovery.

India, Asia's third-largest economy, imports about 84% of its oil and relies on Middle Eastern supplies for meeting over three-fifths of its demand.

"We still appeal to the oil producers for an alternative to be found. Pushing us (consuming nations) is not in the interest of both sides. High oil prices could benefit a group of producing nations, but if you push customers that could lead us to find alternatives," Pradhan added.

Responding to India's repeated call to ease the output cuts, Saudi Energy Minister Prince Abdulaziz bin Salman responded on Thursday by saying India should start using oil it bought cheaply during the price collapse last year.

However, the Saudi minister added, "we will continue to work with each other... we share their (India's) view that avoidance of volatility (in prices) will help both producers and consumers."

World+Biz

Organization of the Petroleum Exporting Countries (OPEC) / OPEC+ / India

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infographics: TBS
    Inflated rents, ghost floors, Tk220cr advance: How Premier Bank funds lined Iqbal family’s pocket
  • Representational image/Collected
    Milestone tragedy: Death toll rises to 32 as another child dies
  • File photo of a new NBR office in Agargaon, Dhaka. Photo: UNB
    NBR chief directs customs officials to clear consignments within a day

MOST VIEWED

  • Representational image/Reuters
    Dollar gets upward push as BB buys $10m more in auction at even higher rate
  •  ABM Khairul Haque. File Photo: Collected
    Former chief justice Khairul Haque detained
  • File photo of Bangladesh Bank. Photo: TBS
    Governor Mansur orders withdrawal of BB dress code after directive draws criticism
  • Representational image. Photo: Collected
    Tariff talks: Bangladesh, US set for crucial virtual meeting on 29 July
  • Mehreen Ahmed speaking to media on 11 July 2025. Photo: Collected
    Court disposes of Dhaka girl's case against parents seeking 'protection from abuse'
  • Hasina and Taposh in an event in 2020. Photo: Collected
    Al Jazeera investigation: Hasina, in call with Taposh, talks using helicopter to shoot, crush protesters in July uprising

Related News

  • Dhaka always wanted good working relationship with Delhi: Foreign adviser
  • Britain and India sign free trade pact during Modi visit
  • Man arrested for running fake embassy in India, duping people with job promises
  • AL leaders postpone 'Bangladesh genocide' conference in Delhi
  • Hundreds of Muslims unlawfully expelled to Bangladesh from India: HRW

Features

Illustration: TBS

The future of medicine: How innovations will catalyse quantum leaps in healthcare

13h | The Big Picture
Photo: Collected

24 July: More than 1400 arrested, 3 missing coordinators found

1d | Panorama
Photo: Mehedi Hasan/TBS

Aggrieved nation left with questions as citizens rally to help at burn institute

2d | Panorama
Photo: Mehedi Hasan/TBS

Mourning turns into outrage as Milestone students seek truth and justice

2d | Panorama

More Videos from TBS

There are many more examples of trials of Chief Justices in the world.

There are many more examples of trials of Chief Justices in the world.

12h | TBS Today
Why is there a massive conflict between Thailand and Cambodia?

Why is there a massive conflict between Thailand and Cambodia?

12h | TBS News Updates
Former Chief Justice ABM Khairul Haque in prison

Former Chief Justice ABM Khairul Haque in prison

12h | TBS Today
The Nvidia Chip Deal Trades Away the United States’ AI Advantage

The Nvidia Chip Deal Trades Away the United States’ AI Advantage

12h | Videos
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net