India asks OPEC to raise crude production

NEW DELHI, June 19 (UPI) -- India has asked OPEC member countries to raise their crude production to reduce the prices of global crude.

Petroleum and Natural Gas Minister Murli Deora has written a letter to his Saudi counterpart, Ali al-Naimi, to compliment Riyadh's unilateral decision to increase production by 300,000 barrels per day.

"These actions would help supply side management and would thus stabilize the current oil market. ... I request you to advise major oil-producing countries to raise their output to calm the market further and revitalize the global economic growth," Deora said.

"The current high oil prices coupled with the turmoil in the financial markets would seriously impact the economic growth of most countries and in the longer term affect both producers and consumers," the minister pointed out.

India in 2007-08 spent $68 billion for its crude imports, up from $48.38 billion in 2006-07. Even after the June 4 decision raising pump prices of diesel fuel and gasoline, the state-run oil marketing companies continue to incur huge losses, the half-government news agency Press Trust of India reported Thursday.