India may plan to import oil from nations like Iran and Venezuela to go against the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), two official authorities said.
The cartel has been restricting oil supply to maintain high oil prices. Retail prices of petrol hiked by ₹3.63 per litre and diesel ₹3.84 a litre in the past 12 days.
India may raise the issue at forums such as Quad, a plurilateral platform involving the US, Japan, India, and Australia as the OPEC+ cut oil supply to India stabilize crude prices.
“The key producing countries have not only revised the production cuts over and above the previously announced levels but also added additional voluntary cuts. I had supported the joint decision by major oil-producing countries to cut oil production in April last year… Time has come once again for allowing the collective interests of both producing and consuming countries to be promoted,” petroleum minister Dharmendra Pradhan said.