The world’s third-largest crude oil importer, India, wants oil-producing countries and large oil-consuming nations to sit down and discuss the price of oil and how to stabilize it, Indian Oil Minister Hardeep Singh Puri told Reuters on Monday. India, which relies on crude imports to meet more than 80% of its oil consumption, has been seeking in recent years crude at bargain prices amid the high market volatility.
producers who are voluntarily curbing production and who planned to begin easing part of the output cuts beginning in December 2024, are now postponing the supply increase by a month, until January 2025, said on Sunday. The news of the one-month delay was immediately registered in the oil market on Monday morning, with oil prices spiking by 3%, and WTI Crude returning to above $70 per barrel after settling below $70 on Friday. There is no shortage of oil globally as new producers enter the market and legacy ones are boosting production, Puri told Reuters. “So I think we need to have stability and predictability,” the minister noted. By Charles Kennedy for Oilprice.