December 15, 2015 4:50 PM

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India conveys its need for reasonable, responsible oil pricing to OPEC: Pradhan

The Organisation of Petroleum Exporting Countries, OPEC has said that it does not expect the present low crude oil prices to continue beyond a year. Speaking at the India-OPEC dialogue in New Delhi today, Secretary-General of OPEC Abdalla Salem El-Badri said investment in exploration and production has come down by 130 billion dollars, which means fresh supplies of crude oil will not come in the future years. He said, OPEC will not cut production, but low prices will result in supplies from non-OPEC countries coming down by 400,000 barrels a day by next year.Briefing media Minister for Petroleum and Natural Gas Dharmendra Pradhan said, India has conveyed to OPEC its need for reasonable and responsible pricing of oil and this is an ongoing dialogue. He said, by not cutting production and keeping prices low, OPEC is helping countries like India.

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