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Oil prices ‘too high’, India calls for higher production by Opec+

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Ministers and oil industry chiefs are gathering for the biggest energy conference in the Middle East as crude heads toward $100 a barrel. Whether prices can hold at these levels and the outlook for OPEC+ supply cuts are among topics that will be discussed.

But this year, climate is looming large over the forum. Delegates at the annual Adipec summit in Abu Dhabi, which has been dominated by oil in its longrunning history, will devote a lot of their time to the energy transition.

Chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp., among others, will later Monday discuss plans for the energy transition. UAE Energy Minister Suhail Al Mazrouei and OPEC SecretaryGeneral Haitham al-Ghais are also scheduled to speak.

India has “a constant dialogue with all producing countries where we keep raising this point” that crude prices are too high, Pankaj Jain, secretary at the Ministry of Petroleum and Natural Gas, said in an interview.

The country isn’t comfortable with current oil prices, which are near $93 a barrel in London, and “we need more production now,” Jain said. While India acknowledges OPEC’s right to decide how much they produce, the group’s cuts have increased prices.

“High prices lead to demand destruction,” Jain said. “Our viewpoint is we are finding these prices difficult to pass, difficult to continue to meet our energy needs.”

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