India Calls for Producers-Consumers Dialogue to Reduce Oil Market Volatility

The world’s third-largest crude oil importer, India, wants oil-producing countries and large oil-consuming nations to sit down and discuss the price of oil and how to stabilize it, Indian Oil Minister Hardeep Singh Puri told Reuters on Monday. India, which relies on crude imports to meet more than 80% of its oil consumption, has been seeking in recent years crude at bargain prices amid the high market volatility. Cheaper crude is the key reason why India has significantly boosted its purchase and imports of Russian oil, which is shunned and/or…