India- OPEC dialogue is very important

India and OPEC dialogue is of great significance when the Oil prices on Monday plunged to their lowest level since 2009.Indian economy on a surge and prevailing global economic crisis coupled with Syrian and other countries at internal conflicts, the cost of crude fluctuating on dynamic pendulum propels the OPEC to be in India for the regular supply. An outlook on the mega economy of China too is one of a cause for oil market volatility.Russian  charges of ISIS smuggling oil and selling at International seas, at the lowest price, do make the situation worse for the crude price at international market. Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan in a Press interaction with OPEC Member stressed that India is on look for  major supplies from OPEC source and fulfils 80% of India demand thus India- OPEC dialogue is very important. Media interaction of Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan along with OPEC members had animated discussion where OPEC said the oil may not reach bracket of twenties.

OPEC continues high volume production and Iran plans to boost exports. Brent crude was down below $37 a barrel while the US benchmark WTI fell below $35 per barrel.Russian Deputy Finance Minister Maxim Oreshkin said Russia is drawing up plans based on the price fluctuating between $40 and $60 until at least 2022.That scenario would have devastating implications for OPEC, according to Oreshkin. It would also spell disaster for North Sea producers, Brazil’s off-shore projects, and heavily indebted Western producers. “We will live in a different reality,” he added.India will continue to have good growth despite subdued prospect for the Asia Pacific region amid likely increase in US rates, dollar strength, and lower commodity prices, Fitch said while retaining India’s rating. Gobal rating agency has retained the India’s sovereign rating at BBB-/Stable — the lowest investment grade.