Sources from Vienna stated that Saudi oil minister Khalid Al Falih said the Organization of Petroleum Exporting Countries or OPEC will consider views of world leaders such as Prime Minister Narendra Modi, who represent the voice of major consuming nations, with seriousness before taking a decision on cutting output to support falling prices. Accordingly India is the world's third largest oil consuming nation, which is more than 80% dependent on imports to meet its energy needs.
Meanwhile it is led by PM Modi, it has been very strongly making a case for oil producers' cartel OPEC to price crude at reasonable and responsible rates. When speaking to reporters at the OPEC meet, he said "We take the views of Prime Minister Narendra Modi seriously who (like US President Donald Trump) is equally vocal about the issue. We just met him in Buenos Aires (during G20 summit) and privately he made those points very strongly that he does care for Indian consumers and is very serious about it and he had also seen him at three times at various energy events in India where he was very vocal."
Moreover growing concerns that oil producers won't reach an agreement to aggressively reduce production has also weighed on prices. West Texas Intermediate crude for January delivery lost USD 2.3, or 4.4%, to USD 50.59 a barrel on the New York Mercantile Exchange.
