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Oil buyers, producers discussion needed for market stability, says India min

India's oil minister Hardeep Singh Puri contacted Monday for conversations between oil manufacturers and consumers to stabilise costs.

Oil rates increased more than 2% following a choice by OPEC+. to postpone by a month plans to increase output.

India, the world's third biggest oil customer, counts on. overseas purchases for more than 80% of its oil needs.

I'm hoping as a professional that all the players in this. video game will see a factor that ... both manufacturers and consumers can. sit down together, have a conversation on what is a reasonable. rate due to the fact that it is not as if some production is taken off,. Puri told Reuters.

He restated that there was no lack of oil as new. manufacturers were entering the market while some nations were. broadening their output.

So I believe we need to have stability and predictability,. Puri stated on the sidelines of the annual energy industry occasion. ADIPEC in Abu Dhabi.

Of the OPEC+ choice, he said: It's your property - you. choose not to make use of the asset, you can keep it there, there. will come a time after a couple of years there is no need for the. property, there is no usage for it.

In contrast, there were some manufacturers who wished to. increase output to quickly monetize their properties, he added.

He stated technological changes such as green hydrogen and the. shift to cleaner energy will alter the worldwide oil demand. landscape in five years.

Nonetheless, he expects India to source more oil materials. from the Gulf region as the global economic geography develops.

(source: Reuters)