June 20, 2018
VIENNA (Reuters) – India, the world’s third-biggest oil consumer and importer, on Wednesday urged OPEC nations to fill a supply gap and ensure sustainable oil prices as geopolitics affect the output of some producers.
The world faces likely lower oil exports from Iran, OPEC’s third-biggest producer, after U.S. President Donald Trump pulled out of a 2015 nuclear accord with a vow to renew sanctions against Tehran.
India is the biggest oil client of Iran after China.
He said currently high oil prices dent the economic development of many countries.
“The already fragile world economic growth will be at threat if oil prices persist at these levels. My fear is – this will lead to energy poverty in many parts of the world,” he said.
Editing by Dale Hudson