Ali Rodriguez, OPEC's Secretary General, has ruled out any special concession for India in crude oil prices. ”OPEC does not provide bilateral concession to countries,” the visiting OPEC secretary general Ali Rodriguez told reporters, according to News Agencies.
Rodriguez said India's proposal for developing countries including extension of credit period, price discount and deferred payment was discussed at OPEC's meeting last week.
Clarifying OPEC's decision to cut production, Rodriguez said reducing production was unlikely to affect the price movement, which was expected to remain in the agreed band of $22-28 per barrel.
At its meeting on March 17, OPEC had decided to cut production by one million bpd, mainly due to the US slowdown and general decrease in demand in the second-quarter of 2001.
Meanwhile, India's petroleum minister Ram Naik said that the present level of prices is not affordable for developing countries like India which may witness an economic slowdown due to high oil prices.
© 2001 Mena Report (www.menareport.com)