Pradhan raises issue of Asian premium charged on oil with OPEC

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He also said the agreement would be extended unless the market became balanced.

A day after crude prices fell 3% following a Reuters survey indicating that OPEC ramped up output in September, OPEC Secretary-General Mohammad Barkindo attempted to ease concerns over falling compliance with the deal to curb output. Asia is a prime destination of exports, and India is a leading consumer, with 90 per cent imports.

Market sentiment in the US remains strong.

With regards to the OPEC meetings with the United States, Barkindo said the exploratory meetings yielded fruitful results, adding that the two parties recognised and acknowledged the shared responsibility maintaining stability, and are looking to further explore common interests. "These have been fruitful", he claimed.

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"Despite very strong demand from global waterborne customers at more than 7.711 million bpd, they were allocated only 7.150 million bpd", the spokesman said in a statement.

The last three to four months, Barkindo said, saw a massive destocking, with the market structure switching to backwardation, thereby, deeming storage to be uneconomic.

"$50 is considered the bull/bear line and this is where a tug of war comes into play between supply and demand", said RJO Futures senior market strategist Phillip Streible in an interview with CNBC.

World oil prices rise on Monday, as investors are confident that Saudi Arabia will continue to pursue a course to reduce oil production, especially against the backdrop of the IPO of state-owned oil company Saudi Aramco, scheduled for 2018.

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"I have reiterated in the meeting that India as an emerging and big market expects reasonable price".

Pradhan highlighted that in the now oversupplied crude market, it is important for producers to understand the perspective of consuming countries and the changes that have taken place in these demand centres, and suggested that the OPEC at its ministerial meetings give wider consideration to Indias requests.

Speaking during his regular weekly broadcast on state-run VTV, Maduro said he discussed the issue at an October 4 gathering in Moscow with "25 ministers from the world's oil and gas producing countries".

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