By Nidhi VermaNEW DELHI: India’s oil minister Dharmendra Pradhan warned on Thursday that rising oil prices could hurt global economic recovery in the aftermath of the COVID-19 pandemic that caused most economies to shrink last year.Global crude oil prices rose to their highest in about a year this week as production cuts by the Organization of the Petroleum Exporting Countries and their allies including Russia tilted the market balance towards a deficit. [O/R] [x]That has propelled gasoline prices to record levels in the world’s third biggest oil consuming and importing nation.”Efforts at artificially distorting prices will have a dampening effect on the fragile global economic recovery that is underway,” Indian oil minister Dharmendra Pradhan said at the South Asia Commodities Forum of S&P Global Platts.Last month also, the minister blamed OPEC+ for high oil prices.”While we do not favour too low prices, we also do not support high prices, which deny energy access to millions in India,” he said.India imports about 85per cent of its oil needs and half of gas demand.”If the world has to grow as a whole, there has to be a mutually supportive relationship between producers and consumers. It is in the interests of producers that… Read full this story
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